The Famous Nobody

Under Jeff Smisek’s stewardship, the merger of United Airlines and Continental was marred by mediocre stock performance, computer  glitches, and low grades from consumers. But Smisek’s sudden ouster as the airline’s CEO likely had more to do with inquiries pegged to alleged corruption at the Port Authority of New York and New Jersey than his turbulent tenure at the carrier's helm.

“It certainly doesn’t’ help that the company has had such a rocky merger integration,''  says Jim Corridore, an analyst with S&P Capital IQ, "but . .. it seems that the main issue is this investigation,’’

United announced Tuesday that Smisek had resigned from his roles as CEO, president and chairman of the board, effective immediately. The airline said that his departure, along with those of two other airline officials, was connected to a federal investigation and internal company inquiry into dealings with the Port Authority, which oversees United’s hub in Newark, as well as New York’s other major airports.

Oscar Munoz, 56, a United board member who was COO and president of the rail company CSX Corporation, was named as Smisek’s replacement.

In a conference call with investors Tuesday, Munoz noted that he was taking over leadership of a company that had endured difficulties since United and Continental joined forces in 2010.

“It’s been a rough integration,’’ Munoz said, “and there’s lots of complex matters to work through.’’

Still, it appears that the corruption allegations surrounding the Port Authority, which have sparked investigations, two indictments, and hobbled the presidential ambitions of New Jersey Gov. Chris Christie, may have been Smisek’s undoing, industry watchers say.

“This strikes me as an attempt by United to say ‘Look, we did an internal investigation, (and) we removed the responsible  officials when we learned of this activity,’’ says David Primo, a professor at the University of Rochester’s Simon Business School, who has written about the airline industry. “This could be an attempt by the airline to  insulate itself from potential legal action.’’

Primo added that if United wanted to remove Smisek because of the airline’s spotty performance, it could have been done at any time. “Given the timing, and the public statement that United made, and the fact that they hired an outside law firm to investigate the allegations about improper dealing with the Port Authority . . .it’s almost certain that their internal investigation revealed evidence that was so clear cut, that they had no choice but to let the CEO go.’’

Earlier this year, federal prosecutors subpoenaed records of interactions between United officials and David Samson, former chairman of the Port Authority and a confidante of New Jersey’s Gov. Christie. In April, Bloomberg News recounted a dinner in September, 2011, attended by Samson and Smisek, where Samson allegedly asked that United resume service between Newark, where it is the biggest carrier, and Columbia, S.C., which had an airport  closer to Samson’s weekend home.

United launched service from Newark to Columbia Metropolitan Airport on Sept. 6, 2012, according to Lynne Douglas, Columbia airport’s air service development and customer service manager. The flights, which operated only on Thursdays and Mondays, ended on April 1, 2014. The previous month, Samson had resigned from his position at the Port Authority in the midst of allegations that officials at his agency, along with staffers working for Gov. Christie, cut off lanes to the George Washington Bridge, triggering massive traffic jams, in Sept. 2013.

According to a filing by United with the Securities and Exchange Commission, Smisek has said that he will cooperate regarding claims or inquiries stemming from incidents that happened at United during his tenure.

Smisek will receive a severance payment of $4,875,000 in cash, according to the filing, and will still qualify for a pro-rated annual cash incentive award for the current fiscal year. He will also receive nearly 61,000 shares of the company’s common stock, flight benefits and be able to keep his company car.

But Smisek could also be made to repay some severance monies or benefits if he pleads guilty or is convicted of a felony or crime “involving moral turpitude’’ connected to his service at United, the filing says.

Though the ongoing investigations appear to be at the root of Smisek's departure, Vicki Bryan, an analyst at Gimme Credit, says that Smisek's leadership should also have contributed to his dismissal.

“I hope that it was also because of his poor performance,’’ Bryan said. “United’s record is terrible . . .(The  board is) still remiss in waiting so long and waiting for so much destruction to the network and United’s credibility.’’

Now, Bryan says, investors will be watching to see if Munoz can do a better job. “I don’t know what took them so long,’’ Bryan said of Smisek’s removal, “but it’s done.’’

Job openings surged to a record high in July even as hiring fell, signaling a tighter labor market that's expected to soon push up wage growth.

Employers advertised 5.8 million jobs, up from 5.3 million in June and the highest on records dating to 2000, the Labor Department said Wednesday. The previous high was 5.4 million in May.

The report doused a market rally as investors took it as a sign the Federal Reserve could raise interest rates as soon as next week to prepare for an eventual pickup in currently low inflation.

The number of hires, though, slipped to 5 million from 5.2 million, according to the Job Openings and Labor Turnover Survey. As the unemployment rate falls to near-normal levels, many employers are struggling to find workers —  a dilemma some economists attribute to  mismatches  between the skills of unemployed workers and employers' needs.The jobless rate was 5.3% in July and dropped to 5.1% last month.

Many laid off mid-level managers in human resources, marketing and accounting lack the skills in big data analysis and digital marketing, for example, that are required in the modern workplace, says Tom Gimbel, CEO of LaSalle network, a Chicago staffing firm.

The limited pool of job candidates who have those skills are being snapped up more quickly, reducing the average duration of job openings among his clients over the past year to about five weeks from two months.

Chicago-based StratEx, which makes human resources software, has struggled since early June to hire 10 project managers, software developers and customer service representatives, says CEO Adam Ochstein. The company, which typically requires job candidates to undergo five interviews, has lost many to other employers that are pouncing more quickly in the more competitive market.

“It’s biting us in the butt as we go through our due diligence,” he says. He says the firm, with 70 employees, likely could have increased revenue by additional 15% to 20% if it had filled the positions.

Guidant Financial of Bellevue, Wash., which helps small businesses obtain loans, similarly has struggled as long as six months to fill 10 to 15 openings for account executives, technology support representatives and Web designers, says CEO David Nilssen. In response, he says, the company has raised wages by 5% the past 12 months, up from 3.5% the previous year. And it’s now willing to train job candidates who don’t have all the skills it’s seeking.

A big reason hiring has lagged openings is that many employers just recently began ramping up staffing as the economy has picked up, and have been unwilling to raise salaries, says Paul McDonald, senior executive director of staffing firm Robert Half.

“We have to coach them,” he says.

That’s starting to change, he says. The firm predicts overall starting salaries for professionals will rise 4.1% next year, compared to 3.8% in 2015. Growth in average hourly earnings across the economy has remained modest, though it ticked up to 2.2% annually in August from 2% in June, perhaps signaling a coming acceleration.

Labor reported Friday that employers added a solid 245,000 jobs in July, revising up its previous estimate by 30,000.

CINCINNATI — After a month of market volatility and an announcement it will close dozens of underperforming stores, Macy’s will soon open Best Buy shops within some of its department stores as a way to test selling consumer electronics.

The companies announced the arrangement earlier this week, which will begin in 10 Macy’s stores across the country in November. The 10 locations weren’t identified.

The 300-square-foot space will be staffed by Best Buy employees and featureSamsung smartphones, tablets and smart watches, as well as audio devices and accessories from Samsung and other brands.

Macy’s Inc. President Jeff Gennette said that the companies will test the stores through the holidays and into 2016 before deciding on the next steps.

“We are delighted that consumer electronics will be returning to selected Macy’s stores … Our customers have expressed interest in electronics for self-purchase and gift-giving,” Gennette said in a news release.

The association with Best Buy was announced on Tuesday, the same day Macy's said it will close 35 to 40 underperforming stores, around 5% of its total locations.

Best Buy, the nation’s largest consumer electronics chain, has been able to successfully navigate a tough consumer electronics market as it wrestles with price pressures and increased competition from online stores, notably Amazon.com.

In August, it posted fiscal second-quarter results that handily beat analysts' estimates as shoppers picked up major appliances, large screen televisions and mobile phones.

Best Buy's results are benefiting from an overall shift in consumer spending toward big-ticket items in the home amid improving home values. Business is also being helped by an explosion of new gadgets such as Apple watch, which will be rolled out to all of Best Buy's big-box stores by the end of September. The trend in spending for the home is also playing into the hands of home improvement players such as Home Depot.

Macy's stock has been hit hard after a month of market volatility, with shares down a bruising 20% from the all-time high it hit in mid-July. The tumble snaps an almost seven-year winning streak as the retailer deftly navigated the Great Recession and its lingering aftermath that dragged down so many competitors.

Fiat Chrysler Automobiles said today it is recalling nearly 1.7 million recent-model Ram pickups to check or repair wiring harnesses, airbags and steering components that may be faulty.

The automaker issued three separate recalls that affect its popular Ram 1500 or larger heavy-duty trucks, potentially impacting efforts to increase market share and boost its reputation for quality. The automaker already is in the middle of one of its most difficult years in terms of recalls and its relationship with the National Highway Traffic Safety Administration.

In July, Fiat Chrysler agreed to a consent order and civil penalties of $105 million after NHTSA found that the automakers's record of fixing vehicles was spotty: actions on 23 previous recalls were either too slow or inadequate. The company was also required to offer to buy back nearly 200,000 Dodge SUVs and Ram pickups.

The largest of the three recalls announced today involves an estimated 1.1 million pickups sold in North America that may have steering-wheel wiring harnesses that wear because of contact with a spring and could inadvertently set off the truck's airbag. The wear could cause a short-circuit that may lead to inadvertent driver-side air-bag deployment.

The wiring harness issues affect model-year 2012-2014 Ram 1500, 2500 and 3500 pickups and 3500, 4500 and 5500 Chassis Cabs. The company said it is aware of two injuries, but no accidents.

Fiat Chrysler also said it will recall about 190,337 Ram heavy-duty trucks in North America to inspect and repair bracket welds that could affect steering. Some of the welds for the steering components could separate. That recall affects certain 2013 Ram 3500 pickups, 2014 Ram 2500/3500 pickups and 3500 Chassis Cabs.

The company is aware of one accident involving the bracket weld problem. There were no injuries.

The third recall involves 188,000 model-year 2014 and 2015 Ram 1500 Quad Cab pickups to make the side-curtain air-bags compliant with a federal regulation to reduce the risk of a rear occupant being ejected during a rollover.

The company said it isn't aware of any injuries or accidents related to that recall.

Fiat Chrysler is in the process of notifying Ram owners and repairs will be performed at no cost.

Chevrolet's 2016 Malibu, which has been overhauled with a new sleek look, will have a new, lower base price.

The new version of the midsize sedan carry starting prices ranging from $22,500, including shipping charges, for the base L model to $31,795 for the up-level Premier package. The current lowest priced Malibu is $23,290.

"We've continued our focus on delivering on the highest levels of quality, as evidenced by recent recognition from J.D. Power," said Steve Majoros, director of Chevrolet cars and crossovers marketing. "The 2016 Malibu is engineered and priced to give customers impressive value and technology."

Comparing these prices to the 2015 is difficult. There are fewer trim levels on the outgoing model. The base engine is a different size -- 2.5 liters. But the three 2015 trim levels -- LS, LT and LTZ -- range in starting prices from $23,290 to $29,145.

Starting, or base prices, don't include the price of optional equipment that is not standard.

The redesigned midsize sedan will come in five trim levels: L, LS, LT, Hybrid and Premier. Standard equipment includes 10 air bags, cruise control, push-button start with passive entry and fuel-saving stop/start technology on the base 1.5-liter, four-cylinder engine. The Malibu will go on sale before the end of the year.

The LS will start at $23,995 with standard features such as MyLink radio, Apple CarPlay or Android Auto, subject to Apple and Google privacy statements, and a rear-vision camera.

The LT starts at $25,895, including the same standard equipment as the LS plus LED daytime running lamps and 8-way power driving seats.

The LT and Premier start at $29,495 and $31,795 respectively, and have the option of a 2-liter turbo ending that GM estimates will get 22 miles per gallon in the city and 32 on the highway. Official EPA estimates are not yet available.

All prices include a $875 shipping charge.

Pricing for the Malibu hybrid will be announced closer to its start of production in spring 2016. Workers at GM's Fairfax, Kan., plant will build the Malibu.

Sorry Elsa, but Chewie, Yoda and the gang are back and taking over the holiday shopping season.

With the Dec. 18 movie release of Star Wars: The Force Awakens, some retailers stand to gain a fourth-quarter sales uptick as they make a major marketing investment and dedicate significant floor space to new toys, apparel, games and even home decor tied to the movie.

In a knock to the children's holiday favorite of recent years, Walmart is "planning it bigger than Frozen," says Anne Marie Kehoe, the company's vice president of toys.

Last week's Force Friday events, where new Star Wars products were revealed to much fanfare at midnight store openings, were only round one. With more toys expected to come out in the next few months, retailers are gearing up for a holiday season fueled in part by the rebirth of one of the most popular franchises in history.

"This is going to be a blockbuster merchandise event," says Joel Bines, managing director in the retail practice at consulting firm AlixPartners. "You will not be able to avoid Star Wars merchandise. It will be impossible this holiday season."

And compared with the Star Wars merchandise of years past, technology and increased competition among toymakers have upped the game. There are customizable lightsabers, an interactive talking Yoda doll, a BB-8 toy droid and bigger action figures that have lights, sound and movement.

For the toy industry, which does 70% of its sales in the last two months of the year, the new Star Wars movie is a big deal, says Jim Silver, CEO and Editor-in-Chief of TTPM, a website that reviews kids' products.

Starting with Force Friday, Toys R Us has indefinitely dedicated twice as much floor space as normal to Star Wars merchandise, anticipating additional product rollouts as more movies make their way to theaters in the coming years. Walmart has another round of events planned for the weekend of Nov. 15, driving customers into stores for potential holiday shopping two weeks before Black Friday.

"When you look at the next five years and all of the different products, this is a multibillion-dollar proposition," Silver says. "So it’s extremely important. The amount of room given to Star Wars at retailers is much greater than ever before."

Target has life-size Chewbacca cardboard cutouts in stores that growl when you walk past and a dedicated display that compiles everything Star Wars in one place. That will be up at least through this week."We feel the Star Wars film will be the big pop culture moment of 2015. It is definitely a strong, strong component of holiday," spokesperson Lee Henderson said.

Meanwhile, the Disney Store plans to keep interactive in-store "theaters" — 90-inch TV screens where customers can watch a range of music videos, movie trailers and film clips — set to the new Star Wars movie through December and will keep introducing new products even after the movie comes out, says Elissa Margolis, senior vice president of Disney Store North America.

Retailers such as Toys R Us and Disney Store have a lot on the line. Toys R Us has been working on launching the new line of products for several years, says Richard Barry, global chief executive of merchandising. Kehoe says that given the late-December movie release, Walmart hopes to see continued momentum through January, a typically slow sales month, when kids will be armed with gift cards and still excited about the film.

Retailers are also in a position to capitalize on the broader appeal of the latest Star Wars installment as it brings a new generation into its fandom, Kehoe says. Disney has helped with that by going beyond Star Wars nerd culture, striking licensing deals with companies including Pottery Barn, J. Crew and Cover Girl to sell merchandise such as a children's bed in the shape of the Millennium Falcon cockpit, hipster T-shirts and a makeup line inspired by the movie.

Sales of Star Wars merchandise are expected to generate $3 billion in 2015, according to a Piper Jaffray research note. An estimate by Macquarie Research puts that number at $5 billion over the next 12 months. But for a $3.5 trillion annual retail industry, Star Wars isn't a make-it or break-it deal, Bines says.

"You love this if you’re the toy buyer," Bines says. "But if you’re the CEO, you’re not building your entire holiday plan around this launch."

WASHINGTON  — The Justice Department issued a new policy Wednesday that made the prosecution of Wall Street executives involved in financial fraud a major priority, all but acknowledging nagging criticism that powerful corporate figures have escaped criminal charges in favor of giant monetary penalties.

"Effective immediately, we have revised our policy guidance to require that if a company wants any credit for cooperation, any credit at all, it must identify all individuals involved in the wrongdoing, regardless of their position, status or seniority in the company, and provide all relevant facts about their misconduct,’’ according to Deputy Attorney General Sally Yates’ prepared remarks for a Thursday speech at New York University Law School.

“It’s all or nothing. No more picking and choosing what gets disclosed. No more partial credit for cooperation that doesn’t include information about individuals,’’ Yates said.

The New York Times first reported the policy change Wednesday night.

Yates’ prepared remarks elaborate on policy issued to federal prosecutors nationwide Wednesday, calling for federal authorities not to provide individuals “protection from criminal or civil liability,’’ absent extraordinary circumstances.

“The rules have just changed,’’ Yates said. “Effective today, if a company wants any consideration for its voluntary disclosure or cooperation, it must give up the individuals, no matter where they sit within the company.’’

In the aftermath of the financial crisis and housing market collapse, Justice has long been criticized for failing to target executives who presided over the rampant fraud that facilitated the crises.

“Corporate matters cannot be resolved without clear plan to resolve cases against individuals and all decisions declining to prosecute potential culpable individuals must be approved by the U.S. attorney of the head of the division handling the case,’’ according to the new Justice guidelines.

“Civil attorneys will consistently focus on individuals as well as the company and evaluate whether to bring suit against an individual based on considerations beyond that individual’s ability to pay.’’

Some of the changes, according to the memo distributed to all 93 U.S. attorneys’ offices across the country, “represent a departure from the department’s long-standing approach to corporate prosecutions.’’

“The policy will apply to all future investigations of corporate wrongdoing,’’ the memo states.

Yates, in remarks to the NYU law school, said the “mission here is not to recover the largest amount of money from the greatest number of corporations.

“Our job is to seek accountability from those who break our laws and victimize our citizens.  It’s the only way to truly deter corporate wrongdoing.’’

Apple's (AAPL) maverick image and marketing made it a hit with consumers and investors when smartphones were novel. But as boring replaces bold at the giant - investors need to reset their expectations, analysts say.

Fast-growth is being replaced with "annuity-like revenue streams" as Apple is "now mainstream and not the upstart," says UBS analyst Steven Milunovich in a note to clients Thursday. "Some might be disappointed that Apple isn't reinventing the world," he says. Milunovich expects 5% growth in iPhone unit sales in the current fiscal year. That's still a whopping number of smartphones being sold - 49 million in the current quarter - but on Wall Street single-digit growth just doesn't impress.

Investors and analysts are adjusting what they can expect from Apple - given the company is a behemoth and mathematically unlikely to put up the kind of growth that turned the stock into such a champ in the past. The same fate has met other high-growth companies that have matured as their products reached saturation and improvements have become incremental.

Meanwhile, Apple faces the additional challenge that carriers are moving away from subsidies, leaving consumers to see - often for the first time - what they're actually paying for upgraded phones. Sticker stock could cause some consumers to keep their existing "good enough" phones longer than two years.

And the iPhone 6S isn't a compelling upgrade - which changes the math at Apple. Even the iPhone 6 - which was seen as a big upgrade as the company finally matched the larger screen sizes of phones from Samsung and Microsoft (MSFT) - Apple's adjusted earnings grew 39%. That's a stellar growth rate - but still a fraction of the 54% adjusted profit growth in 2010 and 85% growth in 2011.

Reality is sinking in fast along with maturation. Analysts expect adjusted earnings growth to grow 32% in the current quarter - but then - drop off fast as the iPhone 6S fails to inspire the same level of upgrade fever. Adjusted profit growth is expected to be just 3.6% in the fourth calendar quarter and hit just 5.2% in the first quarter. Adjust profit growth is seen as being just 7% in fiscal 2016.

Meanwhile, the company has been widely called out on the fact it's newest product, the iPad Pro, is "aping Microsoft's Surface," Milunovich wrote. Microsoft released a tablet with a keyboard and stylus more than three years ago.

What's this mean for Apple stock? Most analysts remain bullish and think the stock could be worth close to $150 a share in 18 months. That would be 33% upside if correct. Shares of Apple closed up $2.42, or 2.2%, Thursday to $112.57. "Incrementalism not all bad," as the company can work on becoming more predictable and focus on selling more things to its loyal customers, Milunovich says .

But many investors may only be starting to appreciate how a maturing product can put a stock in neutral. Shares of Apple are down roughly 16% from the highs notched this year as investors confidence was soaring. "We remain cautious on Apple for the rest of the yer as we think the company has tough compares for iPhones, which could make it tough for the stock to work," says Abhey Lamba, analyst with Mizuho, who has a $125 price target on the stock.

In the scheme of things, it might not matter. It might not matter whether the Fed raises interest rates this month or in the months to come.

What matters is what you need to do now with your money in anticipation of rates rising.

The stock market roller coaster. Stock market performance has historically been dramatically better in expansive monetary policy environments — when interest rates are falling and money is cheap to borrow — vs. restrictive ones,  according to Robert Johnson, president and CEO of The American College of Financial Services and co-author of Invest with the Fed: Maximizing Portfolio Performance by Following Federal Reserve Policy.

Now, that doesn’t necessarily mean that stocks are about to collapse as they did in 1987, when the Fed started to raise interest rates. But stock investors could be in for a bumpy ride. What to do? Stand pat, says Johnson, if you have a long-term horizon, and the stomach to handle the roller coaster ride that the equity markets may take us on in the near future. “If, however, a market fall of another 5 or 10% would cause (you) to panic and sell, then I would suggest (you) sell now,” he says.

 According to Johnson, the time to gauge your risk aversion is not when the markets are rising, but when they are under pressure. “Some investors simply don't have the mindset to weather volatility in the markets,” he says.  “The silver lining in this volatility may be that it will give investors the opportunity to get a feel for their true level of risk aversion.”

BLOG:Wall Street’s ‘swing era’ isn’t all sweet notes

Shorten durations. When interest rates go up, bond prices go down. And the longer the maturity of the bond, the more prices go down.

So, in anticipation of the Fed raising rates — if only by one-quarter of 1% in September or later this year — now, if you haven’t done so already, would be the time to reduce your exposure to the long-end of the yield curve. “I believe that bond investors would be well-served to shorten the durations of their bond portfolios,” he says. Duration is a sophisticated way of looking at bond maturities. If you own bonds with long durations, you run the risk of selling at a loss.  “While the hike may not come in September — and it looks increasingly like it won't come in September — rates are going to rise and long-term bondholders are going to suffer a loss of purchasing power.” If, on the other hand, you plan to hold onto your bonds until maturity, there’s no need to sell bonds with long maturities and buy those with shorter ones.

Consider commodities. If past is prelude, consider investing in commodities — though not gold. “Now, over the next few years, I believe that an investor who buys commodities will earn returns that will exceed those in the bond market,” says Johnson.

Yes, this bet might take a bit of courage at the moment. “Commodities as an asset class are about as out of favor as an asset class can be,” says Johnson.

But your courage could be rewarded.  According to Johnson, a diversified basket of commodities represented by the Goldman Sachs Commodity Index (GSCI) returned a negative 0.19% when rates were falling and a robust 17.66% return when rates were rising. “As I expect rates to rise over the next few years, it would appear that investors should consider some allocation to commodities if the past is any indication of the future,” he says.

What’s Silicon Valley cooking up now to help small businesses?

I had a chance to find out when I arranged an “Insider’s Tour of Silicon Valley” to celebrate the 35th anniversary of America’s Small Business Development Center network (ASBDC).

On Sept 9, I took approximately 70 small business consultants on a tour of three companies dramatically affecting the lives of small businesses: Google, Intuit and Facebook. My guests were ASBDC “State Stars” — individuals who made exceptional contributions to small business in their area.

For 35 years, SBDCs have helped small businesses, start-ups and the self-employed survive and thrive. Each year, more than 1 million entrepreneurs come through SBDC doors for free consulting or low-cost training. A new business is opened by an SBDC client every 33 minutes, a new job created every seven minutes.

For the first time, ASBDC held their annual conference in my hometown: San Francisco. That gave me a chance to give back to the SBDC network and show off my home — Silicon Valley — the epicenter of entrepreneurship.

I identified three companies dramatically transforming the way small companies do business.  All were generous, donating staff time, buses and food for the tour. These companies recognize the contribution SBDCs make to entrepreneurs in this country, creating jobs in big cities and small towns.

The day-long tour was incredibly fun and educational. The host companies shared insights about small business, even taking the occasion to announce new services.

• Facebook: A highlight of the day was when Chief Operating Officer Sheryl Sandberggreeted our group. Facebook took the opportunity of our presence to unveil new features of Facebook “Pages.” A “Page” is the term Facebook uses for a company’s Facebook presence, and more than 45 million businesses have Facebook Pages.

Facebook’s new Pages features make it easier for users to do business with a company through Facebook, especially on mobile devices. They’ve created a visible and customizable “call to action” button,  encouraging customers and prospects to contact you. Services or products can be clearly listed, and it’s easy to message a business, and far simpler for a company to respond quickly.

• Intuit: Our ASBDC group got to meet Intuit’s new head of small business, Karen Peacock. She and Al Ko, senior vice president, had a lively and positive discussion with the group about a range of Intuit’s small business offerings. SBDC consultants are already familiar with Intuit’s products, including QuickBooks, QuickBooks Payroll and Intuit Merchant Services, because a huge percentage of small businesses use Intuit products.

The transformative offering from Intuit is QuickBooks Online (QBO). QBO represents the beginning of a new ecosystem for small companies, where QuickBooks is the backbone carrying vital company information, enabling an untold number of third-party applications to add on to that backbone with specialized features, potentially making it possible for a small business to run virtually every aspect of their operations connected to QBO.

After Wednesday's wild ride on Wall Street that ended on a down note, U.S. stocks rebounded a bit as investors braced for next week's Federal Reserve meeting on interest rates.

Most investors are still in wait-and-see mode ahead of the Fed's two-day meeting on Sept. 16-17 that could result in the first interest rate hike in almost a decade. Low rates, of course, have been cited as a key driver of the big stock market rally over the past 6 years.

The Dow Jones industrial average ended up 77 points, or 0.5%, after initially bouncing in and out of positive territory. Volatility continues to dominate the markets as the blue-chip index swung from a 172-point gain to a 239-point loss at the close Wednesday.

The Standard & Poor's 500 stock index gained up 0.5%, and the Nasdaq composite — which remains the only one of the three benchmarks in positive territory for 2015 — climbed 0.8%.

Investors remain uncertain as to what their next move should be, as there remains a lot of uncertainty as to whether the Fed opts to hike rates or hold off until later in the year. The Fed is dealing with crosscurrents, as the U.S. economy and labor market is gaining strength, which points to a coming hike. But on the flip side, market turbulence and financial instability due in part to China's slowing economy and weak stock market could give them pause.

Brian Williams, the former NBC Nightly News anchor who was demoted for fibbing about his reporting experiences, will return to the airwaves on Sept. 22 in his new role as live breaking news anchor for MSNBC during the cable network's coverage ofPope Francis' visit to the U.S.

Williams doesn't have a dedicated time slot or program but will work on daytime programs as news breaks, NBC said.

In June, NBC News announced that Lester Holt, who had substituted for Williams as the anchor of NBC Nightly News while Williams was serving a six-month suspension, would become permanent anchor for the evening news program. It said then Williams would take a big pay cut and work on the breaking news desk at sister network MSNBC.

Williams, who had served as both chief anchor and managing editor of NBC Nightly News, was suspended in February after he was challenged on social media about a statement he made about his reporting tour in Iraq in 2003. Williams said he was on a helicopter that had been hit by enemy fire and forced down. Veterans from the convoy challenged Williams' story on Facebook. Williams eventually recanted the story on air after Stars and Stripes published a story about the online exchange.

On Wednesday afternoon, in a big game against rival Chicago Cubs, St. Louis Cardinals manager Mike Matheny wanted a live bat in the lineup, so he asked Randal Grichuk to get in there.

The only problem? Grichuk had just returned from the DL with a strained right elbow. He could hit — just the day before he had knocked out a pinch-hit home run — but he couldn’t throw. Like, at all. He was not supposed to throw a baseball.

But the Cardinals needed him, so they put him in center field. He played center field without throwing a baseball. Whenever he got it, he’d hand it off to a teammate who would throw it in.

From MLB.com:

The Cardinals won the game 4-3.

(Thanks to MLB for sharing.)

It seems Greg Hardy has already closely studied Tom Brady, who will officially be the first quarterback the Dallas Cowboys pass rusher pursues in 2015.

Hardy confirmed through a statement released by the NFL Players Association on Thursday that – unlike Brady – he won’t legally fight his four-game suspension, borne out of his domestic assault case while Hardy was a member of the Carolina Panthers last year.

“While I am terribly disappointed to miss the first four games of this season, I am absolutely determined that my issue is not going to be a distraction for the Cowboys,” Hardy said.

“I have enormous affection and respect for everyone here, and having seen the impact a court case can have on an NFL organization, I believe it is in the team’s best interest for me to announce that I will not pursue any further litigation.

“Everything I do from this point on will be designed to bring glory and pride to my family, their family and this team.”

Hardy’s original suspension under the NFL’s personal conduct policy was 10 games, but it was reduced to four by arbitrator Harold Henderson in July after he’d joined the Cowboys. Hardy will be eligible to play Oct. 11 when Dallas hosts Brady’s Patriots.

Hardy is expected to bolster a pass rush that also includes rookie Randy Gregory. Hardy collected 26 sacks for Carolina between the 2012 and 2013 seasons. He only played one game last year before going on the commissioner’s exempt list.

Jessica Mendoza had seen no-hitters on TV, sure. Heard them called on the radio, too.

But for all of the baseball games she's gone to in her life – and there have been a lot – she'd never seen one in person. Until two weeks ago, that is, when she was making some history of her own as the first woman to work as an analyst on ESPN's Sunday Night Baseball.

"Probably the biggest moment of my life, and that's coinciding with one of the rarest things to happen in baseball," Mendoza told USA TODAY Sports on Wednesday afternoon. "There was almost something magical, as if this was meant to be. At least (that) night.

"This was supposed to happen. I was supposed to be here."

And with her smooth, intelligent and informative analysis during Jake Arrieta's no-hitter, Mendoza left no doubt she belonged there, too.

She earned rave reviews from fellow analyst John Kruk, TV critics and fans, and ESPN wasted little time putting her in the booth for the rest of the season after Curt Schilling lost his mind.

Not because Mendoza diverted attention from Schilling and his distasteful views. Not because Major League Baseball is trying to keep up with the NBA and NFL, which have had several watershed moments for women this year. Not because she's a gimmick.

No, Mendoza got the gig because she's good. Every bit as good – or better – than the men who've sat in her seat over the years.

"It's 2015," Mendoza said. "I just want to get to the point where as long as you're good at what you do, it shouldn't matter who you are, what your gender is, all of that."

But someone always has to be the first, and there could be no better trailblazer than Mendoza.

As the daughter of a baseball coach, she's been around the game her entire life. She won an Olympic gold medal in 2004 and a silver in 2008, and is considered one of the best hitters in U.S. softball history. She was a four-time All-American at Stanford, where she still holds career records for batting average, hits and home runs.

Yes, the ball in softball is bigger and the pitching mechanics are different. But when you get down to it, the game is the same as baseball.

"The strategy is the same. The hitting is the same," Mendoza said. "My dad taught me to hit only as a baseball player. It was never different."

That was evident during Arietta's no-hitter, when she broke down Dexter Fowler's swing late in the game. Mendoza pointed out that he waited until the ball was deep in the strike zone before swinging, and explained that that was why all three of his hits that night had gone to middle or opposite field.

"I get really interested in stuff that for fans, it isn't old news," she said. "I might be pointing out something with someone's swing that analysts know. But it's interesting and unique as a hitter, and I want everyone to know about that so I'm going to tell them."

As effortless as Mendoza's Sunday night debut appeared – she also was in the booth for a Cardinals-Diamondbacks game earlier that week – it was years, no, decades in the making.

No one gives a second thought to all the men who coach and cover women's sports. Let a woman try and brave the divide, however, and she becomes the litmus test for her entire gender.