NEW YORK (TheStreet) -- Coal is an ugly industry to be invested in. TheStreet's Jim Cramer told Debra Borchardt.
Joy Global (JOY) reported a dismal quarter, but still made a lot of money on hardly any sales, Cramer said. Joy is a holding in Cramer's charitable trust, Action Alerts PLUS, and he said he should have trimmed some of the trust's position in JOY. However, he's now going to wait for a rally before donig so.
The company did announce a $1 billion share buyback program to be completed over the next three years, which should lend some support to the stock price, Cramer said.
But coal in general has been bad, with declining prices and lower demand out of China. Cramer added that banks have started to reclaim assets as coal miners start to go out of business.Patriot Coal (PCXCQ) is already in bankruptcy, Cramer said, and while Arch Coal (ACI) says it's doing fine, Arch is also trying to avoid bankruptcy. "I hate coal," Cramer concluded. See the video here. Follow @BretKenwell
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