News Highlights: Top Company News of the Day

10/08/2020 | 11:16am
Morgan Stanley to Acquire Eaton Vance for $7 Billion 

The bank is buying fund manager Eaton Vance just days after completing its takeover of discount broker E*Trade Financial, continuing its shift away from trading toward steadier, simpler businesses like money management.

McDonald's Boosts Sales With Drive-Throughs and Travis Scott 

McDonald's said its U.S. sales have bounced back from the initial shock of the coronavirus pandemic, thanks to sped-up drive-throughs and a meal promotion with musician Travis Scott.

IBM to Spin Off Managed Infrastructure Services Unit 

IBM plans to spin off its unit that manages clients' information-technology infrastructure, as the 109-year-old tech pioneer sharpens its focus on the faster-growing cloud-computing business and artificial intelligence.

Banks' Arctic Financing Retreat Rattles Oil Industry 

Defenders of the oil-and-gas industry are fighting back against banks who want to stop financing new Arctic-drilling projects, fearing it could be a harbinger of an unbankable future for fossil-fuel companies.

Moderna Vows to Not Enforce Covid-19 Vaccine Patents During Pandemic 

The move means other drugmakers or governments wouldn't need to fear that Moderna would try to block any other Covid-19 vaccines the company argues are based on any proprietary technology.

Harvard Spins Out Natural-Resources Team, Ending Long Chapter at Endowment 

The university's endowment has spun out its natural-resources team into an independent investment firm that will take over some of the endowment's portfolio of orchards, farms and plantations.

Dollar General to Open Stores Aimed at Wealthier Shoppers 

The discount chain plans to open a new brand of stores called Popshelf that mostly sells things shoppers don't need but might want, such as party supplies, home decor or beauty products.

Wells Fargo CEO Finds Himself on Defense After a Tough First Year 

A long list of challenges confronted Wells Fargo Chief Executive Charles Scharf when he was brought in to restore the bank's tarnished reputation. In the year since, his problems have only multiplied.

JPMorgan Unveils Push to Bridge Racial Wealth Gap 

America's largest bank is focusing on expanding access to affordable housing and boosting minority-owned small businesses.

Chinese Fintech Company Lufax Plans U.S. IPO 

Even as some Chinese companies are opting to sell stock closer to home, Lufax plans to raise about $3 billion from a U.S. initial public offering, a person familiar with the situation said.

(END) Dow Jones Newswires

10-08-20 1115ET

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