Lee Parker brings you the latest news from the training ground.
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Posted: 10? 2nd, 2011 under News Headlines.
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Source: http://a-h-enews.com/archives/4669
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NEW YORK (Reuters) ? Investors are worried U.S. earnings growth may finally fall back to earth as turmoil in Europe and signs of a less robust Chinese economy hurt foreign support.
The euro zone's debt crisis and weakness in China have fueled investor concern that the global economy could tip back into recession, possibly dampening U.S. earnings growth at a time when the U.S. economy is still struggling to gain ground.
Overseas sales have helped U.S. companies beat earnings expectations in the last couple of years, with foreign sales totaling 30 percent on average for Standard & Poor's 500 companies.
"If the euro region is crumbling, that's going to have a tremendous negative impact" on companies like McDonald's (MCD.N), said Todd Schoenberger, managing director at LandColt Trading in Wilmington, Delaware.
"I'm not expecting a big earnings quarter," he said. "We've been getting the clues already."
The most recent company to trouble investors about the earnings outlook is Ingersoll Rand Plc (IR.N), whose shares tumbled 12.1 percent to $28.09 on Friday after the industrial conglomerate cut its third-quarter and full-year earnings forecast to below market estimates.
Investor pessimism is already high.
The S&P 500 (.SPX) finished the quarter with its worst performance since 2008, and many strategists have slashed their forecasts for year-end.
The S&P 500 dropped 14.3 percent in the third quarter, losing about $1.7 trillion in market capitalization.
A disappointing third-quarter earnings period, which begins the second week of October, could only trigger more losses, analysts said. Stronger-than-expected earnings helped stocks claw back fro 12-year lows in 2009.
Next week, investors also will be bracing for data on the U.S. job market, among the weakest parts of the economy. The government's September employment report is due Friday, while U.S. manufacturing data from the Institute for Supply Management is due Monday. The ISM services-sector index is set for release on Wednesday.
CURRENCY CUSHION MAY BE THINNER
Companies reporting earnings have benefited for the last decade from weakness in the dollar, which helped overseas revenue figures.
With the euro down 7.4 percent this quarter, the biggest quarterly loss by percentage since mid-2010, companies could lose some of that currency cushion.
"I think you'll see a lot of companies blaming problems on Europe," said Justin Walters, co-founder of Bespoke Investment Group in Harrison, New York.
Walters said excluding companies that report no international sales, the average percentage of overseas revenue for the S&P 500 is 41 percent.
The euro-zone debt crisis has investors worried about a repeat of the 2008 financial crisis.
In China, which has been a major engine of growth for the global economy, data has shown some weakness. On Friday, figures showed the country's manufacturing shrank for the third month in a row and had the longest contractional streak since 2009.
Analysts have slowly been reducing earnings forecasts for the quarter.
Third-quarter earnings are expected to have risen 13.3 percent from a year ago, according to Thomson Reuters data. The forecast was for 17 percent growth on July 1.
"If there's a very drastic downturn in the European economic zone, that portion of U.S. earnings will be impacted," said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, which manages about $14.8 billion.
But she and other strategists are optimistic that the earnings period will not disappoint, and could even present a buying opportunity.
"U.S. multinationals don't necessarily derive all of their additional earnings (from Europe), and in China, data seems to be showing a slowdown but not in hard-landing territory," Trunow said.
Other strategists said the dramatic cost-cutting that U.S. companies started in the 2008 financial crisis will help to keep bottom-line earnings numbers relatively healthy.
"In our view, corporate America has learned to make money in this environment," said Hank Smith, chief investment officer at Haverford Trust Co. in Philadelphia.
(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)
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October 1st, 2011 ? 16:10
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Point, Shoot, Fax With New eFax? Mobile App
Los Angeles, CA (Vocus) November ten, 2010
eFax? nowadays announced a new iPhone app which transforms the iPhone into a fully-functioning fax machine for mobile pros and anybody on the go. The eFax iPhone app enables eFax account holders to send a fax by taking a picture of a document making use of the iPhone’s high-resolution camera. Additionally, incoming or stored faxes can be simply received, searched, viewed, archived, or tagged on the iPhone. eFax is a brand of j2 International Communications, Inc. (NASDAQGS:JCOM) and is on the internet at http://www.efax.com.
A video demonstrating the eFax? iPhone app is available on YouTube. Click right here to view the video.
The eFax iPhone app brings a host of new mobile faxing capabilities to the well-known Apple device, which includes the capacity to:
????Create and send faxes: take photographs of documents and the app will enhance the photos, combine them, and fax them out just like a fax machine.
????View and search faxes: quickly view and search all received faxes. Faxes are converted to searchable documents making use of optical character recognition engineering, permitting them to be acted upon anywhere, anytime.
????Use cover sheets and speak to lists: produce customized fax cover sheets and use the iPhone contact list to simply populate them.
????Tag and archive faxes: add search tags to person faxes and archive them for handy access later.
????Send documents by e mail: send enhanced documents developed by the app as e mail attachments.
The eFax iPhone app is aspect of the company’s not too long ago launched eFax Next™ initiative, an orchestrated rollout of vital company remedies, technologies integrations, and attribute enhancements to the eFax service. The most latest eFax Subsequent announcement was the integration of eFax into the new HP Photosmart eStation all-in-one particular printer. Lifetime fax storage and searchable fax capability were also additional earlier.
“The eFax Subsequent initiative is all about transforming the way documents do company and bringing enhanced productivity to busy specialists. This new app is just one instance of how fax is evolving with today’s organization,” said Mike Pugh, vice president, marketing and advertising for j2 Global Communications, Inc. “The eFax iPhone app gives mobile experts the freedom to manage business critical documents anyplace, any time.”
eFax is a registered trademark of j2 Global Communications, Inc.
About j2 Global Communications
Founded in 1995, j2 Global Communications, Inc. supplies outsourced, worth-additional messaging and communications solutions to men and women and businesses around the planet. With offices in eight cities worldwide, j2 Global?s network spans far more than four,200 cities in 49 countries on six continents. The Company?s web sites appear in several languages, such as Dutch, French, German, Spanish, English and more. Payments are accepted in currencies that consist of the U.S. Dollar, British Pound, Canadian Dollar, Japanese Yen, Euro, Hong Kong Dollar and a lot more. j2 Global gives reside sales and customer service support in several languages, such as English, Spanish, Dutch, German, French, Cantonese and far more. j2 Global markets its services principally beneath the brands eFax?, eFax Corporate?, Onebox?, eVoice? and Electric Mail?. As of December 31, 2009, j2 Global had accomplished 14 consecutive fiscal years of revenue growth and eight consecutive fiscal years of positive and developing operating earnings. For more info about j2 International, please visit http://www.j2global.com.
Press make contact with:
Bill Threlkeld
pr(at)j2global(dot)com
Senior Manager, Public Relations
Twitter: @eFaxpr
###
Attachments
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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BOSTON -- The Terry Francona era in Boston began with the Red Sox first championship in 86 years. It ended after one of the worst months in club history.
Players who didn't listen to him needed "a new voice," he said, and his employers agreed.
The team announced Friday that it was not exercising its contract option for next season and wouldn't hurry to name a replacement for the manager who rarely criticized his players publicly. That loyalty may not have been returned.
"I trusted them explicitly and things weren't getting done the way I wanted it in the end," Francona said, "and I was frustrated because of that. If that's letting me down, maybe it is."
But, he said he liked his players and "I actually feel I let a lot of people down."
In a statement, the Red Sox said they wouldn't pick up the option for a ninth year as manager following the team's September collapse in which they blew a nine-game lead in the AL wild-card race. They went 7-20 in September, capped by a 4-3 loss to Baltimore, as Tampa Bay beat them for the playoff spot on the final night of the regular season.
Owners John Henry, Tom Werner, and Larry Lucchino acknowledged a change was needed and thanked Francona, who led the franchise to titles in 2004 and 2007. But the statement also mentioned that Francona was ready to head in a different direction.
"Tito said that after eight years here he was frustrated by his difficulty making an impact with the players, that a different voice was needed, and that it was time for him to move on," the statement said.
The decision was part of a whirlwind day at Fenway Park that saw the principal parties shuttle in and out of the facility. Francona was in the building three different times.
As Francona drove away once in his Cadillac Escalade, a fan on the street clapped and gave him the thumbs-up sign. Later, after Francona had returned, the driver of a passing ambulance asked a reporter, "Did Francona get fired?"
A day on which talk shows in baseball-crazy Boston were filled with Tito talk took a strange turn later when Henry fell on his yacht moored in downtown Boston and was taken to Massachusetts General Hospital to be examined. WBZ radio reported that he walked off his boat wearing a neck brace.
"He's fine," Werner said at an evening news conference with Lucchino and general manager Theo Epstein. "He wished he could be here tonight so his absence, don't read anything more than just he suffered a minor fall this afternoon."
He said that at Friday morning's meeting, management suggested Francona take the weekend to think things over. But he said Francona had made up his mind. He didn't directly address a question of whether the team would have exercised the option had Francona wanted to stay.
"I was looking forward to hearing Terry's point of view about how things could improve," Werner said, "but I think it became clear to us that we couldn't convince him to remain and I think that's best for all of us."
Boston missed the playoffs despite its nine-game lead with 24 left on Sept. 4. It went 6-18 after that amid reports of conditioning and clubhouse problems. The Red Sox did not win consecutive games all month.
"I didn't feel like the players need to go to dinner together, but they need to be fiercely loyal on the field," Francona said at a news conference after the announcement. "I didn't always get that feeling and it bothered me."
Epstein said Francona was frustrated with clubhouse issues before the September swoon. But that didn't keep the Red Sox from going 82-44 between a dismal 2-10 start and the 6-18 finish.
"When you're winning, a lot of that stuff gets covered up," Epstein said, "and then in September when we started to lose, some of our warts were exposed."
Francona said it was his decision to leave, although the owners seemed to want to make a change.
"I'm not sure how much support there was from ownership. I don't know that I feel real comfortable," said Francona, wearing a long-sleeved dress shirt instead of the red Boston pullover he wore during games and postgame news conferences. "It's got be everybody together. I was questioning that a little bit."
Lucchino said, "I was actually puzzled by that comment. We have done nothing differently this year than we have done in previous years."
Werner gave a vote of confidence to Epstein, who has been criticized for giving long-term deals to underachieving John Lackey and Carl Crawford and is still under contract.
"He's one of the best general managers in baseball and has been integral to the success of our club the last 10 years," Werner said.
The official announcement praised Francona.
"We have enormous respect, admiration and appreciation for Tito and the job that he did for eight years, including two World Series championship seasons and five playoff appearances," it read. "His poise during the 2004 postseason was a key factor in the greatest comeback in baseball history, and his place in Red Sox history will never be forgotten.
"We wish him only the best going forward."
The statement also quotes Epstein as saying, "Nobody at the Red Sox blames Tito for what happened at the end of this season; we own that as an organization. This year was certainly a difficult and draining one for him and for us."
Francona said he didn't know what he would do next but wants to stay in the game. He could be interested in the managerial opening with the Chicago White Sox. He was a manager in their minor-league system, even handling a team on which Michael Jordan tried his hand at baseball, before becoming manager in Philadelphia in 1997.
He said he supports his bench coach, DeMarlo Hale, to replace him but there has been little speculation about who would take over. Hale has never managed in the majors and Epstein said experience in that job is preferable but not required.
Asked about reports of drinking in the clubhouse during games by starting pitchers not playing that day, Francona said, "I'd rather talk about generalities."
In Francona's four seasons with the Phillies, they had a 285-363 record with their best coming in 1999 at 77-85.
The Red Sox failed to make the postseason in Francona's final two seasons but sold out every game since he replaced Grady Little after the 2003 season.
At Friday's meeting, "I passed along my frustrations at my inability to effectively reach the players," Francona said in the statement. "After many conversations and much consideration, I ultimately felt that, out of respect to this team, it was time for me to move on.
"I've always maintained that it is not only the right, but the obligation, of ownership to have the right person doing this job. I told them that out of my enormous respect for this organization and the people in it, they may need to find a different voice to lead the team."
The decision came as both of the American League Division Series were set to begin. So, obviously, the Red Sox were a hot pregame topic in Texas and New York.
"I know how well liked he is by his players and that city and in baseball in general. He's a great guy; he's not just a good guy," Tampa Bay manager Joe Maddon said. "It's not easy."
Maddon's Rays, and Joe Girardi's Yankees both made the postseason out of the same division as Boston.
"These jobs are precious, there's no doubt about it. There's expectations. A lot of times they're extremely high expectations when you're in certain towns," Girardi said. "We understand that when we take the job. High expectations are better than no expectations. You do enjoy it and you enjoy your time when you're there.
"Tito has done a great job there."
Francona was the second winningest manager in Red Sox history with a 744-552 record and an 8-0 mark in World Series games, sweeping the Cardinals and Rockies. He became the first manager to win his first six World Series games. They were 90-72 this season.
"I'm going to miss Tito," Epstein said, "but I am excited that we're going to get the right guy and that under his leadership these players are going to come together and form a winning team next year, a really good team."
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