Joy Global News
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Stocks tumbled, sending U.S. benchmark indexes to one-month lows, while Treasuries rallied as investors weighed weaker-than-forecast employment growth and prospects for Federal Reserve stimulus plans. The yen strengthened and shares plunged in Japan.
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U.S. stocks fell, sending the Standard & Poor’s 500 Index to a one-month low, as jobs and factory data missed estimates and investors speculated whether the Federal Reserve will taper bond purchases.
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Joy Global Inc., the largest maker of underground mining equipment, cut its full-year profit and sales forecasts and said it sees no immediate recovery in orders as commodity producers reduce spending amid surplus supply.
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Most U.S. stocks fell, after benchmark indexes climbed to record levels last week, even as government data showed retail sales unexpectedly rose in April.
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Joy Global Inc., the world’s second-largest maker of mining equipment, refuted allegations made about its International Mining Machinery Holdings Ltd. unit and said it has a “high level of comfort” in the reported results of the business it bought in China last year.
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Joy Global Inc. is tempting potential acquirers with the chance to secure the world’s largest independent maker of underground mining equipment at the industry’s cheapest takeover valuation.
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Joy Global Inc., which generated the biggest shareholder returns of any industrial company in America over the past three years, would now be worth about 50 percent more as a takeover target for Komatsu Ltd. or Volvo AB.
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Joy Global Inc., the world’s second-largest maker of mining equipment, expects demand from coal producers in China to gain this year as the economy picks up and energy use increases.
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U.S. stocks fell, pulling the Standard & Poor’s 500 Index lower after a record high, as a report showed American manufacturing expanded less than forecast in March as factories slowed production and orders waned.
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General Electric Co.’s plans to build its mining-equipment division through acquisitions means companies from Joy Global Inc. to Weir Group Plc are now takeover candidates.
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