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It is indeed an old adage that while goods things are to be preferred over bad things it is possible to get too much of the former. Looking at recent comments from the governor of the Reserve Bank of Australia it is not difficult to imagine how these, albeit old and worn, pearls of wisdom may well have inspired Mr. Stevens in his effort to tiptoe the thigthrope between signalling the intention to raise rates into an expected economic recovery on the one side and trying to prevent the Aussie shoot of on helium into the sun with wings of wax on the other.

(quote Bloomberg)

Australia’s central bank Governor Glenn Stevens signaled a surge in the nation’s currency to near parity with the U.S. dollar has given him scope to slow the pace of future

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Cliffs Natural Resources (CLF), the largest producer of iron ore pellets in the U.S., recorded third-quarter 2009 profits of 45 cents, significantly lower than last year’s earnings of $1.61 per share, on weak iron volumes and prices. However, reported earnings were in contrast to the Zacks Consensus Estimate of a loss of 6 cents. Consistent with weaker year-over-year global demand for iron ore -- the steelmaking raw material -- revenues in the quarter tumbled 44% to $666.4 million. Performance by Segments North American Iron Ore: Sales in the segment slipped 47% to $428.2 million on a 31% decline in volumes to 5.5 million tons. Iron ore production halved to 4.6 million tons in the quarter. Demand for iron ore pellets remained weak year over year despite steel demand picking up in the last quarter. Capacity utilization in the North American steel industry ramped from 49% in ...

Praxair Inc. (PX) reported decent third-quarter results before the opening bell today.   Net income and earnings per share were $325 million and $1.04, respectively. These results include a net after-tax benefit of $7 million, or 2 cents of earnings per share, resulting from a $306 million pre-tax charge, and $313 million of income tax benefits, related primarily to a Brazilian government tax amnesty program.   Excluding these items, net income was $318 million and earnings per share were $1.02, as compared to $355 million and $1.11 in the prior-year quarter. It was also above the Zacks Consensus Estimate of $1 per share.   Sales in the quarter were $2,288 million, 20% below $2,852 million in the third quarter. Excluding the negative effects of foreign currency and cost pass-through, underlying sales were 9% lower due to 11% lower volumes partially offset by 2% higher overall pricing. Sequentially, ...

• Visa (NYSE:V) reported earnings of 74 cents a share, 3 cents above Zacks estimates on revenues of $1.9 billion above estimates of $1.8 billion. The company expects 2010 revenue growth at the lower end of its 11-15% range, but 2011 growth above 20%

• International Paper (NYSE:IP) reported third quarter results of 37 cents a share, 14 cents above Zacks estimates, on inline revenues of $5.92 billion, off 13.1%. According to the company, at the end of its third quarter, "we began to see some modest improvements in demand in some segments of our paper and packaging businesses"

• Yahoo's (NASDAQ:YHOO) analyst meeting is due to be held at 11:00 ET

• Arcelor Mittal (NYSE:MT), the world's largest steel company, reported a $903 million third quarter profit, noting "We have seen the first signs of recovery in the third quarter...We should continue to see further gradual improvement through 2010, although the operating

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The third largest steel maker in the US, Steel Dynamics Inc. (STLD) reported net income of $69 million − or 30 cents per diluted share − for the third quarter of 2009, after reporting losses for three consecutive quarters. The earnings, which were driven by cost reduction through higher production and shipping volumes at the Flat Roll Division and better-than-expected performance in the Metals Recycling segment, were higher than the Zacks Consensus Estimate of 23 cents. However, on a year over year basis, earnings were down 69%. Last month, Steel Dynamics had raised its earnings guidance for the reported quarter to a range of 20 cents to 25 cents per share from its previous guidance of 10 cents to 20 cents per share, citing continued strength in orders for flat-rolled steel and stronger volumes in Metal Recycling business. Net sales of $1.2 billion reflected an improvement ...

Novo Energies Corp., through its wholly-owned subsidiary WTL Renewable Energy, plans to build, own and operate renewable energy plants throughout North America. Using a novel technology, these plants will transform residual plastics and tires into valuable liquid low carbon fuels such as diesel, gasoline and fuel additives.

The company announced today that it has executed a ten-year supply contract to recycle tire feedstock with Colorado Tire Recycling LLC. Colorado Tire Recycling has agreed to supply tire derived fuel (TDF) chips to Novo for ten years beginning January 1, 2010. They will provide a minimum of 6,000 tons of TDF for the first year of the contract and a minimum of 12,000 tons per year thereafter, with a further option to increase supply.

TDF chips are the integral feedstock for Novo Energies’ novel process to convert tires into fuel and fuel additives. The company plans to construct its first tire-to-fuel plant in the

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TODAY: Did Clinton get what she wanted?; media reports possible silence for sanctions deal; START treaty progress.  Georgia accused of abetting al-Qaida; Putin 'satisfied' with job.  German official castigates Medvedev for investigation into Stalin-researching historian; the man of steel's grandson loses battle with newspaper; psychological perils of police force and military; mafia boss funeral. According to the Moscow Times, Hillary Clinton received a 'cool welcome' from Foreign Minister Sergei Lavrov on the crucial issue of sanctions on Iran, with Russia still resisting.  Clinton apparently 'brave-faced' it, saying, 'we did not ask for anything today. We reviewed the situation', and added 'Russia has been extremely co-operative in the work we have done together'.  Reports have circulated that the ...

Brian Hicks, co-manager of our Global Resources Fund (PSPFX), is in London this week for the London Metal Exchangersquo;s 2009 Metals Seminar, which kicked off the annual LME Week gathering of leading commodities analysts from around the world. Here are Brianrsquo;s notes from the seminar: Danny Quah, professor at the London School of Economics, gave a compelling presentation that centered on China and the global recovery.nbsp; His main theme focused on the global economys shifting center of gravity, which has been steadily moving eastward to China over the past decade.nbsp;nbsp; He also mentioned that China isnt dependent upon U.S. consumption to create growth ndash; that notion is an old paradigm from the 1970s. Exports to the U.S. only make up approximately 15 percent of total exports, versus the 40 percent of total exports going to Southeast Asia.nbsp; Michael Jansen, director of commodities at JP Morgan, is one of a few who see ...

Recently, Precision Castparts Corp. (PCP), a diversified manufacturer of complex metal components and products, has completed its acquisition of Carlton Forge Works in Paramount, California. Carlton is a leading manufacturer of seamless rolled rings of nickel, titanium and steel for utilization primarily in aircraft engine (80%) and gas turbine (20%) applications. Precision Castparts has also acquired Arcturus Manufacturing Corporation, a hammer forging operation in Oxnard, California.  Precision acquired both Carlton and Arcturus for $850 million. The acquisitions are all-cash deals and are financed primarily through current cash balances and small levels of debt. The transactions will be included in Precision’s Forged Products segment, which accounted for about 42% of the company’s sales in the last quarter of fiscal 2009. Precision generated about 24% of its margins from this segment. Management expects the acquisitions to be immediately accretive to earnings.  Precision is among the leading manufacturers of ...

Recently, Reliance Steel & Aluminum Company (RS), one of the leading metal service center companies in the US , updated its outlook for the third quarter ended Sep 30, 2009. Reliance expects earnings for the quarter to range from 40 cents to 45 cents per diluted share (no previous range provided).  The guidance reflects improving gross profit margins, increased steel and aluminum shipping volumes and higher prices. The Zacks Consensus Estimate is pegged at 44 cents per share. Sales of $401.9 million in the month of July were down 2.5% compared to June. However, gross profit rebounded to 21.4% from 19.1% in June and 16.7% in the second quarter of 2009.  Profitability continued to improve materially as Reliance has purged higher cost inventory. As this higher priced inventory is worked down, pricing improves and demand picks up, we are anticipating a strong rebound in Reliance Steel’s ...