Quake hits Iran, Pakistan; Death toll in question

TEHRAN, Iran (AP) ? A major earthquake flattened homes and offices on both sides of the Iran-Pakistan border Tuesday, rattling buildings as far away as New Delhi and Dubai. Iranian state media said at least 46 people died, but later Iranian reports offered a far milder picture.

The discrepancies and apparent backtracking in the Iranian reports could not be immediately reconciled, but Iran has faced two large quakes in less than week and authorities could seek to downplay casualties.

Iran's state-run Press TV initially said at least 40 people were killed on the Iranian side, but later removed the figure from its website and news scroll. Other state-controlled outlets, including the official IRNA news agency, mentioned no deaths and only injuries, quoting a local official.

The website of Tehran Geophysics Center said the quake, measured at least magnitude 7.7, lasted 40 seconds and called it the strongest in more than 50 years in one of the world's most seismically active areas. Press TV called it "massive."

It also was the second deadly quake to hit Iran in less than a week after a magnitude 6.1 temblor struck near Bushehr, on Iran's Persian Gulf coast, killing at least 37 people and raising calls for greater international safety inspectors at Iran's lone nuclear reactor nearby.

Press TV said the quake was centered near Saravan, about 50 kilometers (26 miles) from the Pakistani border. The U.S. Geological Survey put the preliminary magnitude at 7.8 and at a depth of 15.2 kilometers (nine miles).

Press TV said least 40 people were killed, but gave no other immediate details on the extent of damage or casualties. Later, the reference to the death toll was dropped from Press TV's website and the news agency IRNA said only that at least 27 people were injured.

State-run Pakistan Television, meanwhile, said at least six people were killed on its side of the border and at least 47 others were injured. Up to 1,000 mud homes were damaged, it added.

A Pakistani police officer, Azmatullah Regi, said nearly three dozen homes and shops collapsed in one village in the Mashkel area, which was the hardest hit by the quake. Rescue workers pulled the bodies of a couple and their three children, aged 5 to 15, from the rubble of one house, he said.

The Pakistani army ordered paramilitary troops to assist with rescue operations and provide medical treatment. Additional troops are being moved to the area, and army helicopters were mobilized to carry medical staff, tents, medicine and other relief items.

In Iran, the Red Crescent said it was facing a "complicated emergency situation" in the area with villages scattered over desolate hills and valleys.

The quake was felt over a vast area from New Delhi ? about 1,500 kilometers (900 miles) from the epicenter ? to Gulf cities that have some of the world's tallest skyscrapers, including the record 828-meter (2,717 -foot) Burj Khalifa in Dubai. Officials ordered temporary evacuations from the Burj Khalifa and some other high-rises as a precaution.

A resident in the quake zone in Iran, Manouchehr Karimi, told The Associated Press by phone that "the quake period was long" and occurred "when many people were at home to take a midday nap."

Pakistani news channels showed buildings shaking in the southern city of Karachi, where people in panic came out from offices and homes.

In a message posted on Twitter, British Foreign Secretary William Hague sent condolences to families of those lost in the Iran earthquake.

In 2003, some 26,000 people were killed by a magnitude 6.6 quake that flattened the historic southeastern Iranian city of Bam.

___

Associated Press writer Abdul Sattar in Quetta, Pakistan, contributed to this story.

Source: http://news.yahoo.com/quake-hits-iran-pakistan-death-toll-160024780.html

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Supplier woes stir Apple demand fears, stock drops below $400

By Poornima Gupta and Noel Randewich

SAN FRANCISCO (Reuters) - Apple Inc's shares fell below $400 on Wednesday for the first time since December 2011 after a chip supplier's disappointing revenue forecast fanned fears about weakening demand for the iPhone and iPad as competition intensifies.

The stock dropped below $400 briefly before bouncing back to end 5.5 percent lower at $402.80, losing more than $22 billion of market value in a single day.

Cirrus Logic, which makes analog and audio chips for the iPhone and iPad, on Tuesday warned of a reduced product forecast from one customer - which it did not name. But 90 percent or more of its business comes from Apple, making it a key indicator of demand for iPhones and iPads.

The surprise warning fueled fears that demand for the iPhone - which makes up more than half of Apple's revenue - is falling faster than expected as Samsung Electronics and other rivals who use Google Inc's Android software flood the market with cheaper phones. Typically, many Apple fans also hold off on buying the gadgets if they believe a new model will be introduced in the next few months.

Apple is to report quarterly results on Tuesday. Analysts say Cirrus Logic's reduced outlook lends weight to arguments that consumers' love affair with the iPhone is waning as challengers such as Samsung vie for their attention.

"This is a tough environment. Apple is in transition between products," said Michael Yoshikami, a portfolio manager at Destination Wealth Management, which owns about 50,000 Apple shares. Cirrus's warning "makes it more likely Apple's not going to surprise on upside."

Since its September 2012 peak, Apple has lost 40 percent of its market value or more than $280 billion - slightly more than Google's entire capitalization - battered by worries about the effect on Apple's industry-leading margins if it's forced to do faster updates of its products to keep up.

Some believe Apple will not be able to sustain its high gross margins as competition in the tablet and smartphone markets leads to lower prices. Shorter product cycles limit Apple's ability to bring down component costs, Bernstein Research analyst Toni Sacconaghi said in a note to clients.

Cirrus's weak forecast follows a 19 percent decline in first-quarter sales at Taiwan's Hon Hai Precision Industry Co Ltd, Apple's main contract manufacturer.

"It's a reminder of weakening demand and the challenges around product transitions," Shannon Cross, of Cross Research, said. "There's not a lot of conviction about what the second half is going to look like."

Verizon Communications Inc, which with Vodafone controls the No. 1 U.S. wireless carrier Verizon Wireless, reports results on Thursday and may offer more clues to iPhone and iPad demand in the quarter.

NERVES

Investors are growing increasingly nervous about Apple's growth prospects.

Shares of other chip makers and Apple suppliers, including Qualcomm, Avago Technologies, Broadcom and Skyworks, fell between 2 and 6 percent on a day that saw broad weakness in financial markets.

Goldman Sachs analyst Bill Shope said in a note on Wednesday that Apple's momentum could weaken further before it launches new products later this year.

Apple, which relies heavily on new products to drive its revenue growth, has not had a launch since last October when it unveiled its 7.9-inch iPad mini and an updated full-size iPad.

The company typically launches a new iPad in the spring, but it is unlikely to do so because of the October update. Looking forward, investors now expect an upcoming new iPhone to power earnings in the second half. The two versions of the iPad are also likely to get an update in the fall.

In the past week, analysts had reduced their estimates for Apple's March quarter revenue on average to $42.53 billion from $42.68 billion. Following Cirrus' warning on Tuesday, some think Apple's results could miss those already reduced expectations.

Apple is expected to report a 9 percent increase in quarterly revenue, with net profit expected to decline 17 percent to $9.59 billion, or $10.08 a share, for its fiscal second quarter, according to average analysts' estimates.

Sacconaghi, who lowered his revenue estimate to $41.1 billion from $42.4 billion, said he expects mixed results with Apple's revenue coming in below consensus and earnings per share largely as expected.

Apple's implied volatility, which measures perceived risk of future stock movement, shot up on Wednesday. The implied volatility for the next 30 days for Apple stood at 43.73 percent, a 16.7 percent increase.

Share price volatility should increase into earnings and surpass an annual high in the next few days, said Ophir Gottlieb, managing director of options analytics firm Livevol.

(Additional reporting By Edwin Chan; Editing by Maureen Bavdek, Andrew Hay, Leslie Adler and Cynthia Osterman)

Source: http://news.yahoo.com/apple-shares-slide-supplier-cirrus-logics-weak-outlook-155459868--finance.html

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Yahoo's ad slump overshadows 1Q earnings gain

FILE - In this Friday, Jan. 25, 2013, file photo, Marissa Mayer, CEO of Yahoo!, listens during the 43rd Annual Meeting of the World Economic Forum, in Davos, Switzerland. Yahoo Inc. reports quarterly financial results after the market closes. (AP Photo/Keystone, Laurent Gillieron)

FILE - In this Friday, Jan. 25, 2013, file photo, Marissa Mayer, CEO of Yahoo!, listens during the 43rd Annual Meeting of the World Economic Forum, in Davos, Switzerland. Yahoo Inc. reports quarterly financial results after the market closes. (AP Photo/Keystone, Laurent Gillieron)

SAN FRANCISCO (AP) ? Yahoo's Internet advertising revenue crumbled further during the first three months of the year, renewing doubts about the company's turnaround efforts despite a surge in earnings.

The results released Tuesday seemed to dim some of the aura surrounding Yahoo CEO Marissa Mayer, who was lured away from a top job at Google Inc. nine months ago to revive revenue growth at a company that has been mired in a malaise for years.

Mayer, though, assured analysts that her plans are falling into place. She characterized her strategy as a "series of sprints" that will eventually produce a "chain reaction" of more appealing online services, more engaged users and, eventually, more advertising sales. She cautioned it will be several more years before Yahoo is growing anywhere near the rate as other major Internet players such as Google and Facebook.

"We are on course to do what we said we would do: stabilize and grow with the market," Mayer said during a Tuesday conference call.

There have been signs of encouragement since Mayer's arrival, most notably the first increase in Yahoo's annual revenue since 2008. Although the 2012 gain was just 2 percent, it raised hopes that growth would accelerate this year.

Instead, Yahoo's total revenue shrank by 7 percent in the latest quarter from the same time last year.

The weak spot was in one of Yahoo's former strengths ? display advertising. After subtracting the commissions that Yahoo pays its partners, the company's display advertising revenue fell by 11 percent from last year to $402 million. That development suggests that Yahoo is losing more ground in a key area of Internet advertising to Google Inc., which already dominates search advertising, and Facebook Inc., whose online social network is becoming a more powerful marketing magnet.

Yahoo's revenue from ads appearing alongside search results rose 6 percent from last year, excluding commissions. But that wasn't enough to prevent a 3 percent decline in Yahoo's total ad revenue, minus commissions.

On the plus side, Yahoo's first-quarter earnings climbed 36 percent to top analyst estimates. But much of the higher profit flowed from investments such as Yahoo's 24 percent stake in Alibaba Group, a rapidly growing Internet company in China. Yahoo's earnings from its investments totaled nearly $216 million in the first quarter, outstripping its operating income of $186 million.

"They are making more money (as) an investment house," BGC Financial analyst Colin Gillis said.

Yahoo also is benefiting cost-cutting measures imposed by some of the five other CEOs, including interim leaders, who have run the company since mid-2007.

Investors seemed more dismayed with the downturn in Yahoo's display advertising than the growth in earnings. Yahoo's stock fell $1.08, or 4.5 percent, to $22.71 in extended trading. The shares had been up by more than 50 percent since Mayer's arrival.

Yahoo Inc. earned $390 million, or 35 cents per share, in the first quarter, compared with $286 million, or 23 cents per share, at the same time last year.

If not for expenses covering employee stock compensation and certain other costs, Yahoo said it would have earned 38 cents per share. That was well above the average estimate of 25 cents per share among analysts surveyed by FactSet.

Revenue totaled $1.14 billion, down from $1.22 billion at the same time last year.

After subtracting ad commissions, Yahoo's revenue stood at $1.07 billion, about $30 million below analyst projections.

Analysts accepted Mayer's assessment that change will take time.

"You have to remember that turnarounds take a long time and we are still in the early innings of that," Gillis said.

Some of Mayer's predecessors also had stressed that it would take years for Yahoo to snap out of its financial funk.

Gartner analyst Andrew Frank noted that first-quarter earnings were stronger than expected and "they didn't miss revenue by a lot." He called the results positive overall and said he didn't see any alarming signs.

Mayer, 37, has been trying to make Yahoo's online services more compelling in hopes that the improvements will encourage Web surfers to visit more frequently and stay for longer. That would help Yahoo sell more advertising to marketers who have been funneling more of their online budgets to Google and Facebook. Mayer also has been trying to recast Yahoo's services so they are better suited for the growing audience consuming content on smartphones and tablet computers.

As part of a makeover under Mayer, Yahoo has redesigned its home page, email service and Flickr photo-sharing service. The company, which is based in Sunnyvale, Calif., also has made a series of small acquisitions aimed primarily at attracting more engineers with expertise in mobile applications and social networking.

Mayer told analysts that her efforts to infuse Yahoo with more talent and energy are paying off. She said the number of candidates applying for jobs has doubled and the attrition rate has been cut in half from a year ago.

Despite those changes, Yahoo still appears to be falling further behind its biggest rivals in the Internet ad market. Google's ad revenues have been climbing by about 20 percent in recent quarters while Facebook's has been surging by about 40 percent. Google is scheduled to report its first-quarter results Thursday, while Facebook plans to post its numbers on May 1.

Yahoo still has a long way to go just to attain Mayer's goal of matching the growth of the overall Internet ad market. In Yahoo's main market, the U.S., the company's ad revenue this year is expected to increase by about 3 percent, according to the research firm eMarketer. That contrasts with an anticipated 25 percent gain in overall spending on digital ads in the U.S. this year, eMarketer said.

___

AP Technology Writer Barbara Ortutay in New York contributed to this story.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/495d344a0d10421e9baa8ee77029cfbd/Article_2013-04-16-US-Earns-Yahoo/id-02ccc115eada4066a1639c2fa9695747

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PFT: Bills sign Kolb for maximum $13 million

Reuters

It has been several weeks since it became clear that the most serious (and possibly only) suitor for Jets cornerback Darrelle Revis is the Tampa Bay Buccaneers, who apparently remain willing to pay Revis what he wants on a long-term deal even as the cornerback market has disintegrated.

But a trade bogged down with the Jets wanting a package headlined by the 13th overall pick in the 2013 draft and the Bucs hoping instead to send a 2014 first-rounder that, if the team from Tampa has its way, will be much lower than No. 13.

Roy Cummings of the Tampa Tribune believes that, as the draft approaches, talk of the trade going down ?will heat up again.?? Cummings writes that the Bucs continue to refuse to part ways with their 2013 first-round pick ?in part because it?s too soon to know how this year?s draft will play out.?

That?s a great point.? A player the Bucs would have drafted with a much higher pick could squirt through the first 12 selections, making them more inclined to use it.? Conversely, there may be no one Tampa really wants at No. 13, making a trade to the Jets more likely.

That would actually help the Jets, since getting the 13th pick after 12 have been made would ensure that no one would try to leap past New York and take the player the Jets would possibly be targeting at No. 13.

There?s a third path that could get the deal done, giving the Jets the 2013 first-round pick G.M. John Idzik feels compelled to obtain.? The Bucs could slide back from No. 13 if they aren?t thrilled with any of the players available at that point, and then offer the lower pick to the Jets.

The fact that the Bucs have yet to sign another cornerback, coupled with the belief in league circles that ownership in Tampa wants Revis, means that this deal isn?t dead, yet.? In the end, it could make for some unexpected twists on the night of Thursday, April 25.

Source: http://profootballtalk.nbcsports.com/2013/03/30/kolb-deal-worth-a-maximum-of-13-million/related/

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