Peabody Energy Corporation BTU 1.6% shares are down 43.6 percent in Wednesday’s trading session after a new filing from the company disclosed that it may not be able to avoid bankruptcy.

In the wake of the bad news, Axiom analyst Gordon Johnson sent a new email to investors explaining the negative impact that the Peabody news could have on Joy Global Inc. JOY 1.64%.

According to Johnson, Joy Global’s OEM revenues have historically had an 87.1 percent R^2 correlation to the mining capex of the “Big 5” U.S. coal miners: Peabody, Arch Coal, CONSOL Energy Inc. CNX 0.6%, Alliance Resources Partners, L.P. ARLP 4.66% and Cliffs Natural Resources Inc CLF 0.33%.

“Along these lines, we feel the announcement by BTU today could have incrementally negative implications for JOY’s ability to achieve its FY16 guidance provided 3/3/16,” Johnson explains.

Joy Global certainly wouldn’t be…

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