As outlined a few months back, I first discussed Joy Global (JOYG) on June 15, 2009, at a price of $38.05. Since then, the stock has shot to over $90 earlier this year, but corrected following a test of major, psychological resistance at $100. Hence, if you took some profits then, you made the correct move.

Now, after the pullback, more upside is likely for JOYG, but the gains probably will not come as quick after the shares' impressive run.

This week we turn the calendar page, and that change brings with it a raft of economic data. Scheduled for release on Monday are pending home sales and personal income numbers for January, as well as the Chicago PMI and car and truck sales data for February.

On Tuesday, look for the ISM Manufacturing Index for February and construction spending numbers for January. That's followed on Wednesday by the week's first employment data: the Challenger Job-Cuts announcement and the ADP employment report for February. Federal Reserve Chairman Ben Bernanke will deliver his semiannual monetary policy testimony before Congress on both days.

When we last left Joy Global (JOYG), first discussed here on June 15, 2009, at a price of $38.05, it had cleared $60 resistance in October. At which time the view was "consider the shares now, or lose out on a decent gain in the current economic expansion."

If you considered the shares then, you made the correct move, as JOYG has powered higher, and is pushing the $90 level. Hence, now is good time to consider taking some profits, if you bought near $60. If bought at the $38.05, I'd cash out at least 50% of my position.

Joy Global (JOYG) has done incredibly well over the last 12 months as a stock. Fundamentally, things appear okay, too. I noticed the move that the maker of mining equipment made Wednesday after it reported quarterly earnings and decided to have a look.

My colleague Connie Madon covered the bullet points of the company's latest quarter. Shareholders surely enjoyed the numbers. The market responded accordingly, sending the stock up almost 7% to $85.78. To put that rise in perspective, the 52-week high is currently set at $87.11. In case you're wondering, yes, that 52-week high was hit during the intraday session.

Moody's gave a warning to Spain and the Greeks rioted again. CPI showed tame inflation and industrial capacity was close to two-year highs. We also had at least four IPOs and the Senate passed the Bush tax-cut extension for two years. The markets looked set for a rally but the end of day trading again failed to materialize into a win for the bulls. Here were today's closing bell levels:

DJIA: 11,457.47, -19.07 (0.17%)
S&P 500: 1.235.23, -6.36 (0.51%)
NASDAQ: 2,617.22, -10.50 (0.40%)

Top Analyst Upgrades & Downgrades

Here's an interesting company. Joy Global (JOYG) is the only worldwide surface and underground mining equipment company. With underdeveloped countries screaming for raw materials, Joy Global is in a sweet spot, providing equipment to mining companies around the globe.

The Wall Street Journal (subscription required) reported that Joy Global's fourth quarter earnings were up 18% year over year. Profit was at $146.3 million or $1.39 a share, up from $124 million of $1.20 a share last year. Revenue rose to $1.05 billion. Gross margin rose 37.9% from 32.4%.

Analyst Upgrades

• Sprint (S) was upgraded to neutral from underweight at Piper Jaffray.
• Cree (CREE) was upgraded to outperform from market perform at Morgan Keegan.
• Brocade (BRCD) was upgraded to outperform from market perform at JMP Securities.
• JPMorgan upgraded WuXi PharmaTech (WX) to overweight from neutral.
• Barclays upgraded ITC Holdings (ITC) to overweight from equal weight.
• Centene (CNC) was upgraded to outperform from underperform at Oppenheimer.
• Senior Housing (SNH) was upgraded to buy from hold at Jefferies.
• UBS upgraded Hovnanian (HOV) to neutral from sell.
• GeoResources (GEOI) was upgraded to accumulate from neutral at Madison Williams.
• Compellent (CML) was upgraded to hold from sell at Canaccord.

This may be your last chance to scoop-up shares of Joy Global (JOYG), first discussed here on June 15, 2009 at a price of $38.05, and earn an out-sized gain during the current economic expansion.

JOYG, a manufacturer and servicer of mining equipment, is on-track to capitalize on the development of emerging markets, and that should drive impressive gains in orders, revenue, and margins.

Joy's management has prudently restructured production capacity to meet slower growth conditions, and also transferred production to lower-cost regions. Joy's shares should outperform the Dow and S&P, assuming credit markets continue to heal.

Analyst upgrades:

• Keefe Bruyette upgraded Goldman Sachs (GS) to Outperform from Market Perform with a $190 price target following the company's Q2 results. The firm believes the company's settlement with the SEC removes an overhang on shares.
• Stifel Nicolaus upgraded Health Care REIT (HCN) to Buy from Hold based on valuation and added shares to the Stifel REIT Income List. The firm has a $47 target on the stock.
• FBR Capital upgraded Annaly Capital (NLY) to Outperform from Market Perform citing the company's surprise dividend increase. The firm has a $20 target on the stock.
• Devon Energy (DVN) was upgraded to Overweight from Equal Weight at Barclays.
• Overseas Shipholding (OSG) was upgraded to Overweight from Underweight at JP Morgan.
• Cintas (CTAS) was upgraded to Neutral from Underperform at Baird.

Analyst Upgrades

• Soleil upgraded Thor Industries (THO) to buy from hold after the company said its accounting review will not lead to changes to previously taken accounting positions. The firm raised its target for shares to $45 from $28.
• Citigroup upgraded Family Dollar (FDO) to buy from hold, citing valuation and its positive view on the dollar store industry. The firm upped its target for shares to $47 from $44.
• Wells Fargo upgraded Albany Molecular (AMRI) to outperform from market perform, citing valuation and a stabilizing core business.
• Goldman Sachs (GS) upgraded to overweight from neutral at JPMorgan.
• Patterson-UTI Energy (PTEN) was upgraded to equal weight from underweight at Barclays.
• BP (BP) was raised to buy from hold at RBS.

Analyst Upgrades

• JPMorgan upgraded Tupperware (TUP) to overweight from neutral, but lowered its price target to $57 from $58. The firm cites valuation and organic growth for the upgrade.
• William Blair upgraded Computer Programs (CPSI) to outperform from market perform. The firm noted that the company's Systems bookings have significantly exceeded its Systems revenue in recent quarters while the firm thinks the company will benefit from accelerated EHR adoption by small hospitals in coming years.
• RBC Capital upgraded Questar (STR) to outperform from sector perform and raised its price target to $49 from $52. The firm believes the separation of QEP Resources from Questar will create shareholder value.
• Pinnacle Financial (PNFP) was upgraded to buy from hold at Wunderlich.
• Power Integrations (POWI) and Volterra (VLTR) were upgraded to strong buy from buy at Needham.
• Realty Income (O) was upgraded to neutral from underperform at Baird.

The shares of Joy Global Inc. (JOYG), first discussed here on June 15, 2009, at a price of $38.05, have pulled-back in-sync with the Dow's recent downdraft, but that doesn't change the company's promising future. Here's why:

A manufacturer and servicer of mining equipment, Joy Global is on-track to capitalize on the development of emerging markets, and that should drive impressive gains in orders, revenue, and margins. Even with sovereign debt issues clouding the European GDP growth story, global GDP growth still should be adequate, with impressive growth in Asia, provided Europe's woes do not substantially decrease the supply of credit globally.

Analyst Upgrades

• Weeden upgraded Nabors Industries (NBR) to buy from hold on expectations that U.S. land drillers will likely benefit from a more restrictive deepwater Gulf of Mexico drilling environment.
• Macquarie upgraded Cinemark (CNK) to outperform from neutral and has a $20 price target on the stock. The firm cites valuation, market share stabilization and Latin American pricing power.
• RBC Capital upgraded Edison International (EIX) to outperform from sector perform with a $43 target. The firm cited valuation and its belief that the company's unregulated businesses are well-positioned to accelerate as reasons for the upgrade.
• Canadian Pacific (CP) was upgraded to buy from hold at Stifel Nicolaus.
• FirstEnergy (FE) was upgraded to buy from hold at Citigroup.
• Joy Global (JOYG) was upgraded to buy from neutral at Longbow.

The shares of Joy Global (JOYG), which I first wrote about on June 15, 2009, at a price of $38.05, overcorrected with the Dow's late January/early February correction -- dipping below the key, 50-day moving average.

Had the stock remained there, that would have been a danger sign. However, JOYG found support near $45 and has since pushed back up the 50-day moving average, keeping the uptrend intact.

Joy Global Inc. (JOYG), manufacturer and servicer of mining equipment, is on-track to capitalize on the development of emerging markets, which is a major reason I'm reiterating my buy rating for the company's shares, first recommended on June 15, 2009 at a price of $38.05. If you bought JOYG in June, you're up about 40%.

When the global economic expansion hits take-off stage, it will most likely be led by emerging markets, who are building-out their infrastructure networks and using more energy on a per capita basis, yearly. And that means they'll need mining equipment, which benefits JOYG. Firmness in the commodity market provides an additional tailwind.