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Major mining equipment manufacturers downgraded by JP Morgan

Posted on 19 December 2008

From Mineweb: J.P. Morgan Securities downgraded Joy Global Inc and Bucyrus International Inc to “underweight” from “neutral,” saying the mining equipment makers are likely to face a deeper and longer-than-expected cyclical decline in orders.

“We view mining as classic late cycle–an industry that lags on the way up and the way down. As such, we expect the negative earnings revisions to continue into 2010 and beyond,” analyst Ann Duignan wrote in a note to clients….. Full Article: Source


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