14:00 EDT - That later-July period of net inflows to long-term bond mutual funds looks increasingly like an outlier as ICI reports outflows for the week ended Aug. 21 hit their biggest rate since June's taper tantrum scared the bejeezus out of fixed-income investors and helped long-term yields continue their upward trajectory, which for the moment stalled at the end of last week. The recent pullback in yields might have brought some investors back to bond funds in recent days (we'll see next week), but the trend on investor sentiment for the sector remains clear. A net 100B has left bond funds the past 3 months. (kevin.kingsbury@wsj.com)
13:21 EDT - JOY was able to soothe some investor concerns during its F3Q conference call with the mining-equipment maker disclosing details of an expanded cost-cutting effort. CFO Jim Sullivan notes JOY now expects some 65M of reduced expenses, mostly next FY, from phase 2 of its revamp which started "in earnest" earlier this year, versus a prior target of about 40M. And amid the reduced revenue outlook facing JOY, phase 3 will be triggered, which should cut another 15M out of the coming year's expense line. Sullivan says those moves, "in combination with further in-sourcing" of some manufacturing, will help JOY meet margin targets. Shares, which fell as low as 48.07, is down 3% at 49.77. (kevin.kingsbury@wsj.com)
