What: Shares of mining equipment maker Joy Global (NYSE:JOY) plunged 11% in November as more negative signs started to emerge from the company.

So what: In early November the company alerted Wisconsin officials that it would eliminate 56 jobs after closing a facility in Milwaukee.  On top of that, competitor Caterpillar announced a 16% decline in machinery sales on a three-month rolling basis.  

The commodity business continues to struggle and demand for equipment worldwide has crumbled. And with the dollar getting stronger and Chinese demand continuing to fade there doesn't look like a turnaround in the near future.

Now what: While Joy Global and the commodity market in general isn't moving in a positive direction the company isn't broken. It's solidly profitable and shares trade at just 10 times next year's earnings estimates, on top of a 6.3% dividend yield. While I wouldn't expect growth in the near future investors should be watching for management to cut costs to align its business with lower demand. If Joy Global can do that it could be a long-term winner for investors, something bad news short-term may overshadow on the market.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.