Why Investors Are Jumping for Joy Global (JOY) Stock Today

NEW YORK (TheStreet) -- Shares of Joy Global (JOY) are up 6.90% to $61.84 in today's trading.

The mining equipment maker reported second quarter adjusted earnings of 76 cents per diluted share, compared to $1.69 a year ago.  

However, analysts polled by Thomson Reuters had forecast per-share earnings of 71 cents for the quarter.

Must Read: Warren Buffett's 25 Favorite Growth Stocks

Looking forward, the company said the recent closing of its deal with Mining Technologies International will add to its underground hard rock mining growth prospects.

Joy Global also sees growth in the oil sands market, particularly in the Canadian oil sands region, which it said represents the largest unconventional source of oil production over the next 20 years.

Separately, TheStreet Ratings team rates JOY GLOBAL INC as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:

"We rate JOY GLOBAL INC (JOY) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."

If you liked this article you might like

Jim Cramer -- Caterpillar Earnings Aren't Likely to Be Good

5 Things You Must Know Before the Market Opens Wednesday

Markets Await Federal Reserve Decision on Wednesday

Week Ahead: Fed Takes Spotlight as Countdown Begins for Highly Anticipated Meeting

Slim Pickings for Thanksgiving in Value Land