Diamonds and Dogs
Joy Global (JOY) is seeing no joy as the stock dropped 15% following disappointing earnings and a dismal short term outlook. The mining equipment stock is the dog of the day and a dog for the last year down 70% as sales and earnings continue to slip. Joy Global still operates with a sizable profit and continues to generate positive free cash and operating cash flow, but business is not good for any of the miners or energy related companies.
Few diamonds ahead of the big unemployment data tomorrow. It's all or nothing the last two weeks. Frontier Communications (FTR) is jumping 5% after the FCC approved the telecom's proposed acquisition to acquire part of Verizon's (VZ) wireline, broadband, and video operations, including the FiOS network, in California, Florida, and Texas. Good news for Frontier which has struggled to compete with Verizon and AT&T the last several years.