Toyota, GM vehicles rank best
DETROIT – Lexus, Buick, Toyota and Cadillac captured the top four spots in J.D. Power and Associates’ annual vehicle dependability study, which measures owner-reported problems in 3-year-old vehicles.
Breaking down the results by segment, General Motors and Toyota each received seven “best in segment” awards. All four GM brands finished above the industry average of 147 problems per 100 vehicles. Ford’s luxury brand Lincoln ranked 7th with 118 problems per 100, but Ford brand slipped to 25th from 17th in 2014 with 188 problems per hundred.
Of Fiat Chrysler’s brands, Ram ranked the highest (14th) up from 25th in 2014. Chrysler brand held steady at 23rd, Dodge ranked 27th, Jeep was 29th and Fiat was 31st.
American Express interest up
NEW YORK – American Express increased interest rates on some of its credit card accounts by an average of 2.5 percentage points in recent weeks, a spokeswoman for the company said Wednesday.
Spokeswoman Elizabeth Crosta declined to say how many of its roughly 42 million cards would be affected. But she said Wednesday it was a “small percentage” of its customers.
American Express had been charging a lower interest rate, as much as 3.25 percentage points, on its credit cards compared with rates its competitors charge for customers with similar credit scores, Crosta said. The rate increase was authorized after an analysis showed the difference.
Apple must pay $533 million
SAN FRANCISCO – Apple has been ordered to pay nearly $533 million by a federal jury that found Apple’s iTunes music store uses software that infringes on patents held by a Texas company.
An attorney for plaintiff Smartflash LLC praised the verdict. Apple immediately announced plans to appeal and said the case shows the need for Congress to reform the U.S. patent system.
The case involves three patents that Smartflash holds for software used in storing data files and managing access through an online payment system. The outcome will likely add fuel to a broader debate over the federal patent system and complaints that it’s easily abused by companies that make most of their revenue through patent lawsuits.
U.S. wine exports increase
Exports of U.S. wine last year were the second most valuable on record, reaching $1.49 billion in revenue, nearly all of it from California.
The European Union was the largest buyer of U.S. wine at $517 million, followed by Canada and Japan, the Wine Institute said Wednesday.
About 90 percent of U.S. wine exports come from California.
The volume of exports last year rose to 116.9 million gallons, up from 115 million in 2013 when revenue reached a record $1.55 billion.
Lowe’s earnings beat forecast
MOORESVILLE, N.C. – Lowe’s Cos. on Wednesday reported fiscal fourth-quarter net income of $450 million.
On a per-share basis, the Mooresville, North Carolina, company said it had net income of 46 cents.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share.
The home improvement retailer posted revenue of $12.54 billion in the period. Analysts expected $12.29 billion, according to Zacks.