Apple falls on lower shipment forecasts, muted China debut


(Reuters) - Apple Inc shares fell 3.9 percent on Friday after the iPhone 5 debuted in China to a cool reception and two analysts cut shipment forecasts.


Jefferies analyst Peter Misek trimmed his iPhone shipment estimates for the Jan-March quarter, saying that the technology company had started cutting orders to suppliers to balance excess inventory.


Shares of Apple suppliers Jabil Circuit Inc, Qualcomm Inc, Skyworks Solutions Inc, TriQuint Semiconductor Inc, Avago Technologies Ltd, and Cirrus Logic Inc also fell in early trading.


Apple shares have lost a quarter of their value since they hit a life high of $705.07 on September 21, as it faces increasing competition from phones using Google Inc's Android operating system.


Misek cut his first-quarter iPhone sales estimate to 48 million from 52 million and gross margin expectations for the company by 2 percentage points to 40 percent.


UBS Investment Research cut its price target on Apple stock to $700 from $780 on lower expected iPhone and iPad shipments for the March quarter.


The brokerage said it was modeling more conservative growth for the world's biggest technology company after making supply chain checks that revealed that fewer iPhones were being built.


"Some of our Chinese sources do not expect the iPhone 5 to do as well as the iPhone 4S," UBS analyst Steven Milunovich wrote in a note to clients.


Apple launched the iPhone 5 in China on Friday, a move widely expected to bring the Cupertino-based company some respite from a recent slide in market share in China, but early reports indicated that demand may not be as great as expected.


"The iPhone 5 China launch has been surprisingly muted but (we) are unsure how much weather (snow) or the required pre-ordering (to prevent riots) are factors," Misek said.


Apple shares fell as low as $508.50 in morning trading on the Nasdaq on Friday.


(Editing by Supriya Kurane)



Read More..

7 schools leaving Big East


WASHINGTON (AP) — The seven Big East schools that don't play FBS football have decided to leave the conference and pursue a new basketball framework.


The presidents of the seven schools made the announcement Saturday, saying it was a unanimous vote.


The move leaves Connecticut, a founding member of the league in 1979, Cincinnati and South Florida — three current members with FBS football programs — up in the air concerning their futures.


The seven schools are: Georgetown, St. John's, Villanova, DePaul, Marquette, Seton Hall and Providence.


The Big East is still lined up to have a 12-team football conference next season with six new members joining, including Boise State and San Diego State for football only. Rutgers and Louisville, which both announced intentions to leave the Big East, are still expected to compete in the conference next year.


The presidents have scheduled a news conference at 4:30 p.m.


Read More..

As Conn. story unfolds, media struggle with facts






NEW YORK (AP) — The scope and senselessness of the Newtown, Conn., school shooting challenged television journalists’ ability to do much more than lend, or impose, their presence on the scene.


Pressed with the awful urgency of the story, TV, along with other media, fell prey to reporting “facts” that were often in conflict or wrong.






How many people were killed? Which Lanza brother was the shooter: Adam or Ryan? Was their mother, who was among the slain, a teacher at the school?


Like the rest of the news media, television outlets were faced with intense competitive pressures and an audience ravenous for details in an age when the best-available information was seldom as reliable as the networks’ high-tech delivery systems.


Here was the normal gestation of an unfolding story. But with wall-to-wall cable coverage and second-by-second Twitter postings, the process of updating and correcting it was visible to every onlooker. And as facts were gathered by authorities, then shared with reporters (often on background), a seemingly higher-than-usual number of points failed to pan out:


— The number of dead was initially reported as anywhere from the high teens to nearly 30. The final count was established Friday afternoon: 20 children and six adults, as well as Lanza’s mother and the shooter himself.


— For hours on Friday, the shooter was identified as Ryan Lanza, with his age alternatively reported as 24 or 20. The confusion seemed partly explainable when it was determined that 20-year-old Adam Lanza, the shooter who had then killed himself, was carrying identification belonging to his 24-year-old brother.


This case of mistaken identity was painfully reminiscent of the Atlanta Olympics bombing case in 1996, when authorities fingered an innocent man, and the news media ran with it, destroying his life. Such damage was averted in Ryan Lanza’s case largely by his public protestations on social media, repeatedly declaring “It wasn’t me.”


— Initial reports differed as to whether Lanza’s mother, Nancy, was shot at the school, where she was said to be a teacher, or at the home she shared with Adam Lanza. By Friday afternoon, it was determined that she had been shot at their home.


Then doubts arose about whether Nancy Lanza had any link to Sandy Hook Elementary. At least one parent said she was a substitute teacher, but by early Saturday, an official said investigators had been unable to establish any connection with the school.


That seemed to make the massacre even more confusing. Early on, the attack was said to have taken place in her own classroom and was interpreted by more than one on-air analyst as possibly a way for Adam Lanza to strike back at children with whom he felt rivalry for his mother’s affection.


— Lanza’s weapons were listed as two pistols (a Glock and a Sig Sauer) as well as a .223-caliber Bushmaster rifle, but whether that rifle was used in the school or left in the trunk of Lanza’s car remained unclear.


— There were numerous versions of what Lanza was wearing, including camouflage attire and black paramilitary garb.


With so many unanswered questions, TV correspondents were left to set the scene and to convey the impact in words that continually failed them.


However apt, the phrase “parents’ worst nightmare” became an instant cliche.


And the word “unimaginable” was used countless times. But “imagine” was exactly what the horrified audience was helpless not to do.


The screen was mostly occupied by grim or tearful faces, sparing everybody besides law enforcement officials the most chilling sight: the death scene in the school, where — as viewers were reminded over and over — the bodies remained while evidence was gathered. But who could keep from imagining it?


Ironically, perhaps the most powerful video came from 300 miles away, in Washington, where President Barack Obama delivered brief remarks about the tragedy. His somber face, the flat tone of his voice, the tears he daubed from his eyes, and his long, tormented pauses said as much as his heartfelt words. He seemed to speak for everyone who heard them.


But TV had hours to fill.


Children from the school were interviewed. It was a questionable decision for which the networks took heat from media critics and viewers alike. But the decision lay more in the hands of the willing parents (who were present), and there was value in hearing what these tiny witnesses had to say.


“We had to lock our doors so the animal couldn’t get in,” said one little boy, his words painting a haunting picture.


In the absence of much hard information, speculation was a regular fallback. Correspondents and other “experts” persisted in diagnosing the shooter, a man none of them had ever met or even heard of until hours earlier.


CNN’s “Piers Morgan Tonight” scored an interview with a former classmate of Lanza’s — with an emphasis on “former.”


“I really only knew him closely when we were very, very young, in elementary school together,” she said.


Determined to unlock Lanza’s personality, Morgan asked the woman if she “could have ever predicted that he would one day flip and do something as monstrous as this?”


“I don’t know if I could have predicted it,” she replied, struggling to give Morgan what he wanted. “I mean, there was something ‘off’ about him.”


The larger implications of the tragedy were broached throughout the coverage — not least by Obama.


“We’re going to have to come together and take meaningful action to prevent more tragedies like this, regardless of the politics,” he said, which may have gladdened proponents of stricter gun laws.


But CBS correspondent Nancy Cordes noted, “There’s often an assumption that after a horrific event like this, it will spark a fierce debate on the issue. But in recent years, that hasn’t been the case.”


Appearing on “The O’Reilly Factor” Friday night, Fox News correspondent Geraldo Rivera voiced his own solution.


“I want an armed cop at every school,” he said.


Entertainment News Headlines – Yahoo! News


Read More..

Fewer health care options for illegal immigrants


ALAMO, Texas (AP) — For years, Sonia Limas would drag her daughters to the emergency room whenever they fell sick. As an illegal immigrant, she had no health insurance, and the only place she knew to seek treatment was the hospital — the most expensive setting for those covering the cost.


The family's options improved somewhat a decade ago with the expansion of community health clinics, which offered free or low-cost care with help from the federal government. But President Barack Obama's health care overhaul threatens to roll back some of those services if clinics and hospitals are overwhelmed with newly insured patients and can't afford to care for as many poor families.


To be clear, Obama's law was never intended to help Limas and an estimated 11 million illegal immigrants like her. Instead, it envisions that 32 million uninsured Americans will get access to coverage by 2019. Because that should mean fewer uninsured patients showing up at hospitals, the Obama program slashed the federal reimbursement for uncompensated care.


But in states with large illegal immigrant populations, the math may not work, especially if lawmakers don't expand Medicaid, the joint state-federal health program for the poor and disabled.


When the reform has been fully implemented, illegal immigrants will make up the nation's second-largest population of uninsured, or about 25 percent. The only larger group will be people who qualify for insurance but fail to enroll, according to a 2012 study by the Washington-based Urban Institute.


And since about two-thirds of illegal immigrants live in just eight states, those areas will have a disproportionate share of the uninsured to care for.


In communities "where the number of undocumented immigrants is greatest, the strain has reached the breaking point," Rich Umbdenstock, president of the American Hospital Association, wrote last year in a letter to Obama, asking him to keep in mind the uncompensated care hospitals gave to that group. "In response, many hospitals have had to curtail services, delay implementing services, or close beds."


The federal government has offered to expand Medicaid, but states must decide whether to take the deal. And in some of those eight states — including Texas, Florida and New Jersey — hospitals are scrambling to determine whether they will still have enough money to treat the remaining uninsured.


Without a Medicaid expansion, the influx of new patients and the looming cuts in federal funding could inflict "a double whammy" in Texas, said David Lopez, CEO of the Harris Health System in Houston, which spends 10 to 15 percent of its $1.2 billion annual budget to care for illegal immigrants.


Realistically, taxpayers are already paying for some of the treatment provided to illegal immigrants because hospitals are required by law to stabilize and treat any patients that arrive in an emergency room, regardless of their ability to pay. The money to cover the costs typically comes from federal, state and local taxes.


A solid accounting of money spent treating illegal immigrants is elusive because most hospitals do not ask for immigration status. But some states have tried.


California, which is home to the nation's largest population of illegal immigrants, spent an estimated $1.2 billion last year through Medicaid to care for 822,500 illegal immigrants.


The New Jersey Hospital Association in 2010 estimated that it cost between $600 million and $650 million annually to treat 550,000 illegal immigrants.


And in Texas, a 2010 analysis by the Health and Human Services Commission found that the agency had provided $96 million in benefits to illegal immigrants, up from $81 million two years earlier. The state's public hospital districts spent an additional $717 million in uncompensated care to treat that population.


If large states such as Florida and Texas make good on their intention to forgo federal money to expand Medicaid, the decision "basically eviscerates" the effects of the health care overhaul in those areas because of "who lives there and what they're eligible for," said Lisa Clemans-Cope, a senior researcher at the Urban Institute.


Seeking to curb expenses, hospitals might change what qualifies as an emergency or cap the number of uninsured patients they treat. And although it's believed states with the most illegal immigrants will face a smaller cut, they will still lose money.


The potential impacts of reform are a hot topic at MD Anderson Cancer Center in Houston. In addition to offering its own charity care, some MD Anderson oncologists volunteer at a county-funded clinic at Lyndon B. Johnson General Hospital that largely treats the uninsured.


"In a sense we've been in the worst-case scenario in Texas for a long time," said Lewis Foxhall, MD Anderson's vice president of health policy in Houston. "The large number of uninsured and the large low-income population creates a very difficult problem for us."


Community clinics are a key part of the reform plan and were supposed to take up some of the slack for hospitals. Clinics received $11 billion in new funding over five years so they could expand to help care for a swell of newly insured who might otherwise overwhelm doctors' offices. But in the first year, $600 million was cut from the centers' usual allocation, leaving many to use the money to fill gaps rather than expand.


There is concern that clinics could themselves be inundated with newly insured patients, forcing many illegal immigrants back to emergency rooms.


Limas, 44, moved to the border town of Alamo 13 years ago with her husband and three daughters. Now single, she supports the family by teaching a citizenship class in Spanish at the local community center and selling cookies and cakes she whips up in her trailer. Soon, she hopes to seek a work permit of her own.


For now, the clinic helps with basic health care needs. If necessary, Limas will return to the emergency room, where the attendants help her fill out paperwork to ensure the government covers the bills she cannot afford.


"They always attended to me," she said, "even though it's slow."


___


Sherman can be followed on Twitter at https://twitter.com/chrisshermanAP .


Plushnick-Masti can be followed on Twitter at https://twitter.com/RamitMastiAP .


Read More..

As Conn. story unfolds, media struggle with facts


NEW YORK (AP) — The scope and senselessness of the Newtown, Conn., school shooting challenged television journalists' ability to do much more than lend, or impose, their presence on the scene.


Pressed with the awful urgency of the story, TV, along with other media, fell prey to reporting "facts" that were often in conflict or wrong.


How many people were killed? Which Lanza brother was the shooter: Adam or Ryan? Was their mother, who was among the slain, a teacher at the school?


Like the rest of the news media, television outlets were faced with intense competitive pressures and an audience ravenous for details in an age when the best-available information was seldom as reliable as the networks' high-tech delivery systems.


Here was the normal gestation of an unfolding story. But with wall-to-wall cable coverage and second-by-second Twitter postings, the process of updating and correcting it was visible to every onlooker. And as facts were gathered by authorities, then shared with reporters (often on background), a seemingly higher-than-usual number of points failed to pan out:


— The number of dead was initially reported as anywhere from the high teens to nearly 30. The final count was established Friday afternoon: 20 children and six adults, as well as Lanza's mother and the shooter himself.


— For hours on Friday, the shooter was identified as Ryan Lanza, with his age alternatively reported as 24 or 20. The confusion seemed partly explainable when it was determined that 20-year-old Adam Lanza, the shooter who had then killed himself, was carrying identification belonging to his 24-year-old brother.


This case of mistaken identity was painfully reminiscent of the Atlanta Olympics bombing case in 1996, when authorities fingered an innocent man, and the news media ran with it, destroying his life. Such damage was averted in Ryan Lanza's case largely by his public protestations on social media, repeatedly declaring "It wasn't me."


— Initial reports differed as to whether Lanza's mother, Nancy, was shot at the school, where she was said to be a teacher, or at the home she shared with Adam Lanza. By Friday afternoon, it was determined that she had been shot at their home.


Then doubts arose about whether Nancy Lanza had any link to Sandy Hook Elementary. At least one parent said she was a substitute teacher, but by early Saturday, an official said investigators had been unable to establish any connection with the school.


That seemed to make the massacre even more confusing. Early on, the attack was said to have taken place in her own classroom and was interpreted by more than one on-air analyst as possibly a way for Adam Lanza to strike back at children with whom he felt rivalry for his mother's affection.


— Lanza's weapons were listed as two pistols (a Glock and a Sig Sauer) as well as a .223-caliber Bushmaster rifle, but whether that rifle was used in the school or left in the trunk of Lanza's car remained unclear.


— There were numerous versions of what Lanza was wearing, including camouflage attire and black paramilitary garb.


With so many unanswered questions, TV correspondents were left to set the scene and to convey the impact in words that continually failed them.


However apt, the phrase "parents' worst nightmare" became an instant cliche.


And the word "unimaginable" was used countless times. But "imagine" was exactly what the horrified audience was helpless not to do.


The screen was mostly occupied by grim or tearful faces, sparing everybody besides law enforcement officials the most chilling sight: the death scene in the school, where — as viewers were reminded over and over — the bodies remained while evidence was gathered. But who could keep from imagining it?


Ironically, perhaps the most powerful video came from 300 miles away, in Washington, where President Barack Obama delivered brief remarks about the tragedy. His somber face, the flat tone of his voice, the tears he daubed from his eyes, and his long, tormented pauses said as much as his heartfelt words. He seemed to speak for everyone who heard them.


But TV had hours to fill.


Children from the school were interviewed. It was a questionable decision for which the networks took heat from media critics and viewers alike. But the decision lay more in the hands of the willing parents (who were present), and there was value in hearing what these tiny witnesses had to say.


"We had to lock our doors so the animal couldn't get in," said one little boy, his words painting a haunting picture.


In the absence of much hard information, speculation was a regular fallback. Correspondents and other "experts" persisted in diagnosing the shooter, a man none of them had ever met or even heard of until hours earlier.


CNN's "Piers Morgan Tonight" scored an interview with a former classmate of Lanza's — with an emphasis on "former."


"I really only knew him closely when we were very, very young, in elementary school together," she said.


Determined to unlock Lanza's personality, Morgan asked the woman if she "could have ever predicted that he would one day flip and do something as monstrous as this?"


"I don't know if I could have predicted it," she replied, struggling to give Morgan what he wanted. "I mean, there was something 'off' about him."


The larger implications of the tragedy were broached throughout the coverage — not least by Obama.


"We're going to have to come together and take meaningful action to prevent more tragedies like this, regardless of the politics," he said, which may have gladdened proponents of stricter gun laws.


But CBS correspondent Nancy Cordes noted, "There's often an assumption that after a horrific event like this, it will spark a fierce debate on the issue. But in recent years, that hasn't been the case."


Appearing on "The O'Reilly Factor" Friday night, Fox News correspondent Geraldo Rivera voiced his own solution.


"I want an armed cop at every school," he said.


Read More..

Retailers hope shoppers pick up pace









Debbie Scarlati experienced a bit of anxiety when she realized that Christmas Day was just 11 days away.


"Truly, I was a whole week off," she said, holding three bags at Oakbrook Center on Friday. "I had a little bit of a panic attack, and now, I'm done."


The Downers Grove mom planned to cut her holiday spending this year but had trouble reining in herself.





"I really should be spending less," she said, "but I have this real fault that if I see it, and sometimes because you're under the gun and you have to get it, you just get it. You just buy it."


Scarlati's late start and weakness for shopping is what stores are counting on. Sales over Black Friday weekend soared to a record $59.1 billion, but they tapered off in the following weeks.


The number of shoppers and sales in stores during the first week of December lagged last year's, according to ShopperTrak. Consumers postponed their purchases and mild temperatures slowed sales of cold-weather gear.


Now, with 10 days to Christmas, businesses must get shoppers like Scarlati to spend.


On Friday, Wal-Mart took the rare step of slashing prices on some iPads and the latest iPhones. Kohl's has promised to pick up the tab for one shopper a day.


This weekend, Sears is rolling out another round of door-buster sales. And next weekend — just days before Christmas — Macy's will stay open for 48 hours straight and Toys R Us for 88 hours.


Experts expect prices to fall even further as Christmas approaches. Retailers, desperate to unload inventory, will offer steep percentage discounts. "This year, 40 percent is standard fare," said Wendy Liebmann, CEO of WSL Strategic Retail.


Discounts are likely to creep to 50 percent, she said, in part due to fierce competition with online merchants.


The sales not only appeal to frugal shoppers, but to people who probably shouldn't still be shopping at all. "Promotions at this late in the game are geared to get people to spend more than they intended," said Tom Compernolle, principal in Deloitte's retail practice.


Stores are also trying fancy promotions to gain shoppers' attention. Clothing store Banana Republic has touted airline tickets and Fiat car giveaways in an effort to grab market share.


Other big-name retailers such as Amazon, Target and Wal-Mart have engaged in price-matching wars. "No retailer wants to be outflanked, and when they see a competitor doing something, they want to match it," Compernolle said.


Retailers have plenty of people to win over. Nearly a fifth of consumers have yet to start holiday shopping, while another fifth plan to drop into stores again after taking a break, research firm NPD Group estimated.


With Christmas on a Tuesday, this year's shopping season has five weekends, not the typical four. There are two left.


"We might see the rush this weekend," said Suzanne Cook-Beres, Oakbrook Center's marketing manager.


This year, the mall is trying social media to reel in customers. People who take photos and post them on photo-sharing site Instagram are eligible to win a $20 gift card. "We looked at this to be a great opportunity to say … what will this do?" Cook-Beres said. To beat last week's lull, Oakbrook promised shoppers who spent $250 or more a $20 mall gift card that can be used at most stores.


At Northbrook Court, mall executives are focusing on entertainment, offering "pet night" on Monday evenings and a day at the "elf academy" for children, marketing manager Stacy Kolios said.


The question is whether shoppers will give in to special perks and lower prices.


Compernolle predicts they will, despite the looming "fiscal cliff," because "consumer confidence has climbed since September," he said.


But retail consultant Jeff Green isn't convinced.


Discounts will likely draw shoppers, but promotions, like Kohl's plan to pick up one shopper's tab every day until Christmas Eve, are a "little obscure for most people," Green said.


"If you're a power shopper you'll care, but the general public probably won't," he said.


Corilyn Shropshire is a Tribune reporter; Erin Chan Ding is a freelance writer. Tribune Newspapers' Shan Li contributed.


crshropshire@tribune.com


Twitter @corilyns





Read More..

At least 20 dead, including children, in Conn. school shooting

A shooting at a Connecticut elementary school today left 26 people dead, including children and adults, according to multiple reports. A gunman was also dead, officials said.









NEWTOWN, Conn.—





A shooting at a Connecticut elementary school today left 26 people dead, including children and adults, according to reports.


The dead included 18 children, the Associated Press reported, citing an official. The gunman was also dead. The official spoke on condition of anonymity because the investigation was still under way.








At a brief news conference this afternoon, a Connecticut State Police official said the gunman at Sandy Hook Elementary in Newtown was killed. "The shooter is deceased inside the building," said police Lt. Paul Vance.


A source told the Associated Press that the suspect is 24 years old and that his younger brother is being held.


Many of the shootings took place in a kindergarten classroom, sources told the Hartford Courant. One entire classroom is unaccounted for, sources said.


WCBS-TV and the New York Times report that the shooter's mother was a teacher at the school and that many of the victims were apparently her students


Vance said students and staff were killed, but he did not provide a death toll. He said further information would be released at a later news conference.


The shooting appeared to be the nation's second-deadliest school shooting, exceeded only by the Virginia Tech massacre in 2007.


There were unconfirmed reports of a second shooter after witnesses reported hearing dozens of shots fired.

Sandy Hook Elementary School teaches children from kindergarten through fourth grade, roughly ages 5 to 10.

“It was horrendous,” said parent Brenda Lebinski, who rushed to the school where her daughter is in the third grade. “Everyone was in hysterics - parents, students. There were kids coming out of the school bloodied. I don't know if they were shot, but they were bloodied.”

Television images showed police and ambulances at the scene, and parents rushing toward the school. Parents were seen reuniting with their children and taking them home.

“This is going to be bad,” a state official told Reuters, requesting anonymity because the scope of the tragedy remained uncertain.

The shooter, an adult, was dead and two handguns were recovered from the scene, NBC News reported without citing a source.

Lebinski said a mother who was at the school during the shooting told her a “masked man” entered the principal's office and may have shot the principal. Lebinski, who is friends with the mother who was at the school, said the principal was “severely injured.”

Lebinski's daughter's teacher “immediately locked the door to the classroom and put all the kids in the corner of the room.”

Stephen Delgiadice said his 8-year-old daughter heard two big bangs and teachers told her to get in a corner. His daughter was fine.

“It's alarming, especially in Newtown, Connecticut, which we always thought was the safest place in America,” he said.

The superintendent's office said the district had locked down schools in Newtown, about 60 miles northeast of New York City. Schools in neighboring towns also were locked down as a precaution.

State police said Newtown police called them around 9:40 a.m. A SWAT team was among the throngs of police to respond.

Mergim Bajraliu, 17, heard the gunshots echo from his home and raced to check on his 9-year-old sister at the school. He said his sister, who was fine, heard a scream come over the intercom at one point. He said teachers were shaking and crying as they came out of the building.

“Everyone was just traumatized,” he said.

A girl interviewed by NBC Connecticut described hearing seven loud “booms” as she was in gym class. Other children began crying and teachers moved the students to a nearby office, she said.

“A police officer came in and told us to run outside and so we did,” the unidentified girl said on camera.

Connecticut State Police said its officers were at the scene with local police but provided no additional details. The emergency call to police occurred at 9:41 a.m., state police said.

Newtown, with a population about 27,000, is in northern Fairfield County, about 45 miles  southwest of Hartford and 80 miles northeast of New York City.

Sandy Hook is one of four elementary schools in the district.





Read More..

Apple falls on lower shipment forecasts, muted China debut


(Reuters) - Apple Inc shares fell 3.9 percent on Friday after the iPhone 5 debuted in China to a cool reception and two analysts cut shipment forecasts.


Jefferies analyst Peter Misek trimmed his iPhone shipment estimates for the Jan-March quarter, saying that the technology company had started cutting orders to suppliers to balance excess inventory.


Shares of Apple suppliers Jabil Circuit Inc, Qualcomm Inc, Skyworks Solutions Inc, TriQuint Semiconductor Inc, Avago Technologies Ltd, and Cirrus Logic Inc also fell in early trading.


Apple shares have lost a quarter of their value since they hit a life high of $705.07 on September 21, as it faces increasing competition from phones using Google Inc's Android operating system.


Misek cut his first-quarter iPhone sales estimate to 48 million from 52 million and gross margin expectations for the company by 2 percentage points to 40 percent.


UBS Investment Research cut its price target on Apple stock to $700 from $780 on lower expected iPhone and iPad shipments for the March quarter.


The brokerage said it was modeling more conservative growth for the world's biggest technology company after making supply chain checks that revealed that fewer iPhones were being built.


"Some of our Chinese sources do not expect the iPhone 5 to do as well as the iPhone 4S," UBS analyst Steven Milunovich wrote in a note to clients.


Apple launched the iPhone 5 in China on Friday, a move widely expected to bring the Cupertino-based company some respite from a recent slide in market share in China, but early reports indicated that demand may not be as great as expected.


"The iPhone 5 China launch has been surprisingly muted but (we) are unsure how much weather (snow) or the required pre-ordering (to prevent riots) are factors," Misek said.


Apple shares fell as low as $508.50 in morning trading on the Nasdaq on Friday.


(Editing by Supriya Kurane)



Read More..

Hamilton agrees to $125M, 5-year deal with Angels


LOS ANGELES (AP) — Josh Hamilton is heading to the Los Angeles Angels, lured with a $125 million, five-year contract that steps up the migration of high-profile stars to Southern California.


The Angels persuaded the free-agent outfielder to leave the Texas Rangers with their third big-money offseason signing in as many years. Hamilton heads to Anaheim after first baseman Albert Pujols came West for $240 million last December along with pitcher C.J. Wilson — Hamilton's Texas teammate — for $77.5 million.


Still, the Angels failed to make the playoffs for the third straight year.


They had bulked up their pitching staff earlier in the offseason with the additions of pitchers Joe Blanton and Tommy Hanson, along with relievers Sean Burnett and Ryan Madson.


General manager Jerry Dipoto had said Wednesday that he didn't think a major move was "imminent or required."


But owner Arte Moreno pulled off another coup by getting Hamilton. The 2010 AL MVP, Pujols and AL Rookie of the Year Mike Trout combined for 103 home runs and 316 RBIs last season.


"It's a great day to be an Angel/Angel fan!" Wilson said on his Twitter account.


Rangers general manager Jon Daniels said Hamilton had reached a deal with the AL West rival Angels. Two people familiar with the talks disclosed the amount and length of the contract, speaking on condition of anonymity because the agreement was not yet final.


Hamilton's $25 million average salary matches Philadelphia first baseman Ryan Howard for the second-highest in baseball, trailing only Alex Rodriguez's $27.5 million average with the New York Yankees.


Since the contract wasn't final, the Angels didn't comment publicly. The team said in a statement, "We continue to look for ways to improve our team. As soon as we have something formal to announce, we will do so."


Moreno and manager Mike Scioscia didn't immediately respond to phone messages.


The Angels allowed free agent outfielder Torii Hunter to sign with Detroit, and he reacted to his former team's latest move on his Twitter account.


"I was told money was tight but I guess the Arte had money hidden under a Mattress. Business is business but don't lie," Hunter wrote.


He followed up with the comment, "Great signing for the Angels. One of the best players in baseball."


Texas had hoped to re-sign Hamilton, who led the Rangers to consecutive World Series appearances in 2010 and 2011. They made a $13.3 million qualifying offer at the Nov. 2 deadline, ensuring the team draft-pick compensation if Hamilton signed elsewhere. The Rangers will receive an extra selection immediately following the first round of June's amateur draft. The deal cost the Angels a first-round selection in the draft.


Speaking Thursday after a Rangers' holiday luncheon, Daniels said he had just been informed of the decision by Hamilton's agent, Michael Moye.


Daniels said he was disappointed "to some degree," especially since the Rangers never got a chance to match any offer during the process, as they had expected. Or at least get contacted before Hamilton agreed with another team.


"I never expected that he was going to tell us to the dollar what they had, and a chance to offer it. Our full expectation, the phone call was going to be before he signed, and certainly not after," Daniels said. "Everybody's got to make their own calls.


"He's a tremendous talent and I think that they've shown they're going to be in on a lot of the best players out there. No sugarcoating it, we wanted the player back. And he signed with the Angels. They're better," Daniels said.


The agreement came days after the Los Angeles Dodgers added pitchers Zack Greinke and Ryu Hyun-jin, boosting their payroll over $200 million. Greinke, another offseason target, said he chose the Dodgers over the Rangers.


Hamilton's addition to the Angels outfield means Mark Trumbo could be moved to third base or traded. Peter Bourjos and Vernon Wells also are among the outfielders competing for time unless a trade is made.


Scioscia will have an interesting decision to make on where in the batting order to slot in Pujols, Trout and Hamilton, a five-time All-Star. He has a .260 career average at Angel Stadium with five home runs and 19 RBIs in 150 at-bats.


Daniels met with Moye last week at the winter meetings in Nashville, Tenn., and had talked about the parameters of a new contract along with numbers. While Daniels wouldn't get into any specifics, he said his understanding is the deal with the Angels "is certainly more guaranteed money."


The move keeps Hamilton in the same division with plenty of opportunities to play against his team — the first one coming fast next season. After the Rangers open with three games at new division foe Houston, they play their first home series April 5-7 against the Angels.


The 31-year-old slugger was considered a risk by some teams because of his history of alcohol and substance abuse, which derailed his career before his surge with the Rangers over the past five seasons.


"Josh has done a lot for the organization, the organization has done a lot for Josh, a lot of things that aren't public and things of that nature," Daniels said. "I'm a little disappointed how it was handled, but he had a decision to make and he made it."


Hamilton had a career-high 43 home runs with 128 RBIs in 148 games last season, when the Rangers struggled down the stretch and lost the division to Oakland on the final day of the regular season.


Texas then lost in the winner-take-all wild-card game against Baltimore, and Hamilton was lustily booed by Rangers fans while going 0-for-4 — twice striking out on three pitches, including an inning-ending out in the eighth with a runner in scoring position when it was still a 3-1 game.


That came two days after Hamilton dropped a routine popup in the regular-season finale, a two-out tiebreaking miscue that allowed the A's to score two runs and go ahead to stay. He missed five games on a September trip because of a cornea problem he said was caused by too much caffeine and energy drinks — and had one homer with 18 strikeouts in the final 10 regular-season games after returning.


Hamilton hit .304 with 161 homers in his six major league seasons, the first with Cincinnati. In May against Baltimore, he became only the 16th major league with a four-homer game as part of a 5-for-5 night that included a double.


"Josh had indicated recently ... told us that he felt it might be time to move on, but that we were still talking," said Daniels, who wouldn't elaborate on the reasons. "We had additional conversations this week that I thought had moved it along in a positive direction, but apparently not."


___


AP Sports Writers Stephen Hawkins in Fort Worth, Texas, and Ronald Blum in New York contributed to this report.


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“X Factor” judge L.A. Reid quitting TV talent show






LOS ANGELES (Reuters) – L.A. Reid, “The X Factor” judge, says he is leaving the TV talent show next season after two years on the panel.


Reid, 56, chairman and chief executive of Epic Records, told “Access Hollywood,” the television program and website, he has decided to leave the Fox reality singing show to return to the record label full time.






“I have decided that I will not return to ‘The X Factor’ next year,” Reid told “Access Hollywood” late Thursday. “I have to go back and I have a company to run that I’ve kind of neglected, and it saddens me a little bit, but only a little bit.”


He added that the show was “a nice break, it was a nice departure from what I’ve done for the past 20 years, but now I gotta go back to work.”


Fox declined to comment on Reid’s departure on Friday.


Reid joined “The X Factor” when Cowell introduced the show in the United States in September 2011. Reid sat alongside Paula Abdul, former Pussycat Dolls singer Nicole Scherzinger and Cowell.


Cowell fired Abdul and Scherzinger after a disappointing first season and brought in pop stars Britney Spears and Demi Lovato.


But “The X Factor” audiences have dropped this year to an average 9.7 million from about 12.5 million an episode in 2011.


The show broadcasts a two-part finale next week with the winner earning a $ 5 million prize and record contract.


Epic Records, a unit of Sony Music Entertainment, which commands a roster of artists including Avril Lavigne, will sign the winners of “The X Factor.”


(Reporting by Piya Sinha-Roy; editing by Jill Serjeant and Jeffrey Benkoe)


TV News Headlines – Yahoo! News


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