Apple offers $100 rebate after iPhone price-cut backlash

CBS News

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[Music] Apple's CEO Steve Jobs is saying I'm sorry for its iPhone debacle Apple enraged customers after slashing the price of its iPhone by $200 a mere 10 weeks after the smartphone hit store shelves so in order to make nice apple is offering $100 rebates to its iPhone customers including those who bought the device at AT&T stores Steve Jobs also apologized to customers in a letter on Apple's website on Wall Street investors sliced about 6% off Apple stock price in the past 2 days they worry what the price cut and rebates will do to Apple's bottom line Wall Street is bracing for the August jobs report which is set for release later this morning investors expect a net gain of 110,000 jobs to us payrolls they also expect the unemployment rate to have held steady at 4.6% the jobs report is looked at very closely by the Federal Reserve and a week report could convince the FED to cut interest rates later this month stocks rallied ahead of the unemployment figures thanks to surprisingly strong August retail sales which got a boost from a better than expected back to school shopping season the Dow ran up about 58 points while the NASDAQ Composite climbed eight it is going from bad to worse for thousands of homeowners the number of homeowners receiving foreclosure notices hit a record high this spring driven by problems with subprime mortgages and the number of people behind in their mortgage payments who haven't yet entered the foreclosure process was also on the rise that's your money watch be sure to log on to cbsnews.com for more in New York I'm Alexis christopherus

Worst jobs report in 4 years; Dow plummets 250, recession fears rise

CBS News

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[Music] investors are starting to utter the RW fear that the economy May slip into a recession had investors heading for the exits and you can thank the worst jobs report in four years for the selloff the Dow plummeted about 250 points the NASDAQ Composite tumbled 48 investors were shocked to learn that the economy lost 4,000 jobs in August instead of adding the 100,000 Wall Street was expecting it's the first drop in employment since 2003 and proof that the credit Crunch and housing problems are spilling over into the broader economy one potential upside today's week jobs report makes it more likely that the FED will cut interest rates at its meeting September 18th investors continued to slice and dice Apple's stock off another 3% after CEO Steve Jobs apologized for the iPhone price cut controversy and offered customers who paid full price for the device a $100 credit and Pepsi is launching a new low calorie version of Gatorade it's aimed at athletes when they're not working out it's also revamping its water drinks taking a shot at Coke's Vitamin Water that's your money watch log on to cbsnews.com for more business headlines in New York I'm Alexis christopherus