brian schactman has more on that. >> from a corporate level, apple lost a bit of shine. missed the earnings forecast, the first miss since 2003. apple sold fewer iphones than expected, and new ceo tim cook said people basically held off buying one amid speculation a new model was coming out. as we talked about, they sold 4 million of the new iphone 4s over the weekend. maybe this current quarter will be a lot better. also, some 55 million americans will see their first increase in social security benefits in three years although the possibility of higher medicare premiums eating up that extra cash is definitely there. the increase probably about 3.5% will first show up in checks this coming january. the exact size will be determined when the government releases the consumer price index later today, which includes annual adjustments for the fiscal year, which ended in september. that's it from cnbc headquarters. stock futures are a little bit mixed, positive in the dow jones and s&p, but apple dragging down the nasdaq just a touch. >> brian schactman, thank you. have a gr

cnbc's brian schactman is here with what's moving your money. another fee, are you kidding me? really know what they are and we ignorantly pay them anyway, chris. basically the federal government has been subsidizing land lines for a long time and then want to stop doing that, allocate money and resources to broadband. the phone companies are going to have to charge more to make up that or at least they feel they have to. it is small. it's 50 cents a month. in five years it can ko go up to $2.50 a month. the businesses don't have to but they will because they can. they don't want to lose the extra income that they've been getting from the land line subsidy. it's only people who use and pay for land lines. so that's the one caveat for you. >> better news when it comes to j.p. morgan chase. they will not charge a monthly fee for debit card purchases. >> at $5 a month do you use -- 23% of the u.s. market in debit cards. chase, which has about 15%. they're not following suit. it's like the issue with airfare hikes. right? if everyone follows suit, it's good for the companies. if no

cnbc's brian schactman joins us live with a look at how the market are shaping up this morning. good morning. >> good morning. >>> i'll put you through the context, but right now futures are lower as we wrap up october. up 3.5% on the dow last week, up 12% for the month. on track for the biggest monthly percentage gain since 1987 and the best point gain ever. asian markets fell overnight. europe tracking lower in early trading. investors have a very busy week in terms of what they're going to see numbers on the manufacturing and services sector, auto sales, a two-day fed meeting, and it's all topped off by friday's jobs report. the dow up by 22 on friday. the nasdaq slipped a point to 2737. >>> choosey moms will soon have little choice but to spend more on jif. the hot dry summer spent peanut butter prices sky rocketing. smuckers, which makes jif, raising priced 30%. peter pan has seen a 24% increase. and kraft which launched the mr. peanut brand raised prices by 40%. if you're like my house, we rip dlu quite a bit of peanut butter. that's going to impact a lost househol househol

morning and how the business world is reacting to the death of steve jobs, let's go live to cnbc's brian schactman apple stock has taken a dip this morning, hasn't it? >> yeah. and there's a lot of talk about what it means for the company moving forward. stock futures are moving higher on the back of gains. european markets are higher this morning. we can weekly jobless claims today. the dow rose 139 points to 1099 yesterday. the fact that steve jobs tribute pouring in from all over the world, apple co-founder steve wozniak said, quote, we've lost something we won't bet back. of bill gates, we rarely see someone with such a profound impact. >> his death that may likely have a pretty big impact on the company of apple, giving rivals a chance to catch up with the tech giant. he was heralded as an ip know va innovative genius, knowing what we wanted before we knew we wanted it. it races questions about the company's ability to keep their product line running at the current base. people are comparing him to thomas edison or henry ford. i'm not a huge techie guy, but there is a sense that we're losing

. >> brian schactman, thanks so much. >> maybe people will have to drive this holiday season. >>> windy weather, the big story today, tom. >> yeah. my coworker just stepped outside and there were three-foot swells in his coffee cup. that's how windy it is. and we've had those winds gusting to around 30 miles per hour this morning. here is a live picture of the potomac river. hooks like it's filled with grape juice or merlot. what would you say? yes. it's 5:00 p.m. somewhere. >> and look at those lavender clouds in the sky there over the potomac. we're still about a half an hour away from sunrise. 55 at reagan national. and over the last 12 hours, a win wheeling area of low pressure over the upper midwest has been whipping them with wind. now it's our turn to get wind whipped. over the last 12 hours, the winds cleared out. otherwise, we're clearing out. these are the latest wind gusts, around 25 to 30 miles per hour. but they'll increase this afternoon. right now, a chill in the air. we're in the low to mid 50s in most locations. 55 at reagan national. as the day progresses, sunrise, 7:2

cnbc's brian schactman has the numbers.think some people thought it would be a disappointment because it wasn't an iphone 5. >> the launch to the presentation wasn't good, but the sales are not. apple sold 4 million of the phones from friday to sunday, more than double what it sold when the iphone 4 launched last year. sales are being helped by the fact that more wireless carriers are offering the device, and it's also available in several countries. now the 4s is nearly gone at most retailers. if you order online, you'll have to wait anywhere from a week until the end of the month. >>> i also want to tell you the u.s. government and big banks reportedly working on a plan to make mortgage refinancing available to borrowers underwater or owe more than their home is worth. typically, they can't refinance because they don't have enough equity in their homes. it would aonly apply to banks owned by bank of america, citibank, jp morgan chase, and allied financial. as we get more on that story, we'll bring it to you. >> brian, tha

cnbc's brian schactman joins us live with more on how the markets are shaping up today. >>> this morning futures are just a bit lower after that monster rally. stocks soaring on the back of the deal struck by european dealers to address the greek and broader european debt crisis. we'll get data on consumer spending and earnings on big names like shell and merck. the market is up nearly 12% on its best track since 1987. the s&p 500, the broadest measure of the market, was up 3% on thursday. it's on track for its best month since 1974. just an unbelievable month of october. >>> redbox is risking its own customer backlash. coin star, the maker of the dvd kiosks, will hike prices on dvd rentals 20% up to $1.20 a day. prices on blu-ray and video games will remain the same. redbox has been gauging local markets to see how customers will respond. there was a ton of negative backlash on netnetflix, so thers concern there could be a backlash by investors with redbox and coinstar. back to you. >>> four average americans got a chance to break bread or at least some dinner rolls with the president.

cnbc's brian schactman is live with more on that. >> about one-third of u.s. stores reducing the number by 2013. it's not clear how many jobs will be cut by gap. the company is expanding its presence overseas, looking to triple stores in china over the next year. this move is aimed at improving margins as retailers struggling to generate profits in the current economic situation with a slowdown in the u.s. economy. google reportedly creating an online music store to compete with amazon and apple's itunes. "the wall street journal" says google has been holding talks about licensing their music catalogs. only emi is close to a deal, we're told. google launched a beta music site in may but only offers a small slate of songs. we'll see if they get in the mix. the competition online heating up. back to you guys. >> brian, thank you so much. have a great weekend. >>> everyone is still talking about the tornado spotted on i-95. the national weather service confirmed na a tornado touched down near the highway in northern virginia. people stuck in traffic on the highwa