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One Reason Why Joy Global (JOY) Surged Today

NEW YORK (TheStreet) -- Joy Global (JOY - Get Report) stock closed up 4.25% to $18.66 in Friday's trading session after Baird noted that recent bankruptcies from coal companies such as Peabody Energy (BTU) could be beneficial for the company.

The bankruptcies positively impact Joy Global as debt overhangs are cleared and Joy prepares to "make meaningful progress on cost-cutting given footprint rationalization," the firm wrote in a note, Barron's reports.

Joy Global has been contending with smaller customer bankruptcies for roughly three years, and consequently has perspective on companies'...


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