Business Highlights
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Employers offer cash to push shopping around for health care
Companies for years have raised deductibles, or the amount employees pay before most of their coverage begins. They've also given workers online tools to help them shop for the best deals on things like imaging exams and bloodwork. Now, some are using cash to nudge employees toward those deals.
The program gives workers a list of potential providers in their insurance network. It rates them using standards based on the specialty, government data and patient reviews. It also tells patients providers to avoid because they may be low quality.
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More VW trouble: 2016 diesels have new suspect software
WASHINGTON (AP) - U.S. regulators say they have a lot more questions for Volkswagen, triggered by the company's recent disclosure of additional suspect software in 2016 diesel models that potentially would help exhaust systems run cleaner during government tests.
That's more bad news for VW dealers looking for new cars to replace the ones they can no longer sell because of the worldwide cheating scandal already engulfing the world's largest automaker. And, depending on what the Environmental Protection Agency eventually finds, it raises the possibility of even more severe punishment.
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Wal-Mart stock plunges after profit warning
NEW YORK (AP) - Wal-Mart stock had its biggest one-day drop in nearly three decades after the world's largest retailer said it's bracing for its profit to take a hit as it works to fend off competition.
The company is forecasting its profit to fall by as much as 12 percent in its next fiscal year as it perks up customer service and adapts to changing shopping habits. It also expects sales for this full fiscal year to be flat, hurt by unfavorable currency exchange rates. Wal-Mart had previously forecast sales growth of 1 to 2 percent.
Its stock closed down $6.70, or 10 percent, at $60.03 Wednesday.
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Netflix adds 3.62M subscribers in 3Q, but US growth lags
SAN FRANCISCO (AP) - Binge watching Netflix appears to be losing some of its appeal in the U.S., even as the addiction rapidly spreads to other parts of the world.
The Internet video service presented the latest snapshot of its steadily growing audience with Wednesday's release of its third-quarter earnings. The results were highlighted by the addition of 3.62 million subscribers during the three months ending in September, slightly more than the company had predicted it would attract.
In the third quarter, Netflix gained just 880,000 subscribers in the U.S., below the 1.15 million customers that the company had predicted. It was also fewer than the 980,000 U.S. subscribers that the service added this time last year.
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Toyota promises better mileage and ride with Prius hybrid
TOKYO (AP) - Toyota Motor Corp. released details for its fourth-generation Prius on Tuesday, promising that improvements in the battery, engine, wind resistance and weight mean better mileage for the world's top-selling hybrid car.
It gets up to 40 kilometers a liter under Japanese tests, which translates to more than 93 miles per gallon, a 20 percent improvement from the 2015 model. In the U.S., it gets 55 mpg in combined city and highway driving, about 10 percent better
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Boehner likely to move on debt limit hike before departure
WASHINGTON (AP) - The Republican leader of the U.S. House of Representatives is signaling that he'll move must-do legislation to increase the government's borrowing cap before he leaves Congress.
The statutory cap on the government's so-called debt limit needs to be raised by early November, the Congressional Budget Office said Wednesday, confirming a recent warning from the administration.
Speaker John Boehner himself has said that he doesn't want to leave a "dirty barn" for his successor, comments that have been widely interpreted as a promise that he would try to at least clear away the debt limit issue rather than saddle the next speaker with the task.
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Car buying fuels bump in September retail sales
WASHINGTON (AP) - Americans spent cautiously at retailers in September, with stepped-up spending for cars, clothes and restaurants tempered by sales declines for gasoline, building materials and online outlets.
Retail sales rose just 0.1 percent last month after being unchanged in August, the Commerce Department said Wednesday. Over the past 12 months, sales have climbed 2.4 percent.
Auto purchases shot up 1.8 percent in September, while spending rose 0.7 percent at restaurants and 0.9 percent at clothiers.
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US producer prices fell in September because of cheaper gas
WASHINGTON (AP) - Prices fell for manufacturers, farmers and other producers in September, as lower energy costs have limited broader inflation.
The Labor Department said Wednesday that the producer price index, which measures price changes before they reach the consumer, dropped 0.5 percent last month after being unchanged in August. Excluding the volatile food and energy categories, core prices tumbled 0.3 percent in September.
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US stockpiles unchanged in August; sales fall
WASHINGTON (AP) - U.S. businesses kept their stockpiles unchanged and registered lower sales in August, numbers that could weigh on third-quarter economic growth.
The Commerce Department said Wednesday that business inventories were flat from July. Sales slid 0.6 percent, the biggest drop since a 2.3 percent fall in January. August sales were down 3.1 percent from a year earlier, and inventories were up 2.4 percent from August 2014.
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Fed says consumer spending, auto sales boost US growth
WASHINGTON (AP) - The Federal Reserve says steady consumer spending and an improving housing market spurred modest U.S. economic growth in the late summer, though factory output was sluggish in part because of the strong dollar.
The Fed said Wednesday in its latest snapshot of the economy that nine of its 12 regional banks reported that growth was moderate or modest from mid-August through the beginning of October. Two banks said economic activity increased while the Kansas City Fed said the economy slowed slightly.
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Bank of America earns $4.1 billion in third quarter
NEW YORK (AP) - Bank of America, the consumer banking giant, said it swung to a profit in the third quarter on Wednesday, helped by lower borrowing costs and legal expenses.
The bank based in Charlotte, North Carolina, earned $4.1 billion, or 37 cents a share, for the three-month period ending in September. That compares with a loss of $470 million, or 4 cents a share, in the same period a year earlier. BofA booked $6 billion in legal expenses last year to help cover part of a $16.65 billion legal settlement it reached with the Department of Justice
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Senator calls for Experian to share details on data breach
NEW YORK (AP) - The top Democrat on the Senate Banking Committee is calling for the credit agency Experian to disclose more details about a data breach in which personal information on millions of T-Mobile customers was stolen.
In a letter obtained by The Associated Press, Sen. Sherrod Brown of Ohio asks Experian to explain how the breach occurred and what changes Experian was making to its systems to stop it from happening again.
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Financial services startup Square files for $275M IPO
SAN FRANCISCO (AP) - Square, the financial-services startup that helps small businesses process credit card payments, is planning to go public.
The six-year-old company is known for its white, cube-shaped card readers that plug into smartphones and tablet computers, turning them into electronic sales terminals. It's also known in the tech industry for being founded and led by Jack Dorsey, 38, who was separately named CEO of the social networking service Twitter last week.
Dorsey, who owns 24.4 percent of Square, co-founded Twitter in 2006 and has said he'll continue to run both companies.
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By The Associated Press=
The Dow Jones industrial average fell 157.14 points, or 0.9 percent, to 16,924.75. The Standard & Poor's 500 index closed down 9.45 points, or 0.5 percent, to 1,994.24. The Nasdaq composite declined 13.76 points, or 0.3 percent, to 4,782.85.
Benchmark U.S. crude fell 2 cents to close at $46.64 a barrel on the New York Mercantile Exchange. Brent crude, used to price international oils, declined 9 cents to $49.15 a barrel in London. Wholesale gasoline fell 0.6 cents to close at $1.308 a gallon. Heating oil rose 1.3 cents to close at $1.483 a gallon. Natural gas rose 2 cents to close at $2.518 per 1,000 cubic feet.