A JOY to Behold
I profiled two beaten down picks in the steel sector Tuesday that are good speculative plays on the improving Chinese economy and higher iron prices that are being driven by increased demand from that region. Since that column ran, several positive catalysts in the news have confirmed that growth and demand from China is indeed on the mend. Chinese exports surged in December in the mid-double digits and imports rose 6%. Also, Morgan Stanley joined Goldman Sachs on Wednesday and recommended buying the Chinese market on the improved growth outlook. Finally, Alcoa (AA) reported better-than-expected revenue to kick off earnings season, and it had positive comments on Chinese demand.
A stock that should do well on the back of increased demand from China is one of the largest mining-equipment companies in the world, Joy Global (JOY). It manufactures mining equipment for the extraction of coal, copper, iron ore, oil sands and other minerals....310 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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