Street Not Happy With Joy Global's Q3 Report

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Joy Global Inc. JOY shares were trading down $3.85 (17 percent) at $18.28 in Thursday's session. The catalyst for the sharp decline is a Q3 miss for EPS ($0.54 vs. $0.62 estimates) with lower revenues ($792.18 million vs. $901.29 million). In addition, the company lowered its full year forecast.

The issue has been a horrible performer in 2015, falling from its December 31 close ($46.52) to its current level.

Despite the sharply lower open ($20.21 vs. Wednesday's close of $22.13), there was still some money to be made on the short side. After a brief pop top $20.36, sellers flooded the issue.

So far, it has reached $17.73 before rebounding back over $18. That puts the level back near levels not seen since the Financial Crisis when it bottomed in mid-May 2009 at $17.10.