19.12.2008 - Major mining equipment manufacturers downgraded by JP Morgan
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