“I bought a new Macbook with Mountain Lion and when I go to use Preview I like to compress my images down to save files size by using the ‘SAVE AS’ and changing it to JPEG. But I don’t see Save As anywhere. Is there no save as in Mountain Lion?”
Apple changed the Preview interface a bit in Mountain Lion.
1. With your image opened inside Preview click on ‘File’ and then scroll down to ‘Export’. Export is the new Save As.
2. A menu will pop up, adjust settings to your liking. To compress an image for a smaller file size I like to change it to JPEG and move the slider a bit to the left.