News Highlights: Top Company News of the Day

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J.Crew Says Mickey Drexler to Step Aside as CEO

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J.Crew Group Inc. said its longtime leader Mickey Drexler will step aside as chief executive and hand over those duties to an outsider, as the seller of preppy clothes struggles with a prolonged sales slump and hefty debt load.

Apple Unveils Smart Speaker Called HomePod

Apple revealed a premium voice-activated speaker called HomePod and announced a series of upgrades to its line of Mac computers and iPads as it looks to bolster its product lines amid rising competition from rivals like Amazon and Microsoft.

Apple's Slim New iPad Pro Teases Mac-Rivaling Features

Apple Inc. unveiled a new iPad Pro with a 10.5-inch screen Monday, in its latest attempt to stoke sales of its flagging tablet category.

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CSX Chief Says Health Isn't an Issue

CSX Corp. CEO Hunter Harrison reassured the railroad's shareholders that he is able to lead a turnaround despite an undisclosed medical condition that requires supplemental oxygen.

Perrigo CEO to Leave After 14 Months

Drugmaker Perrigo Co. announced late Monday that current CEO John Hendrickson is retiring.

Uber, Lyft Asked by San Francisco to Turn Over Driving Records

Uber Technologies Inc. and Lyft Inc. have been subpoenaed by San Francisco to turn over four years of records on driving practices, disability access and service.

Pimco Threatens to Scuttle Novo Banco Sale

Pacific Investment Management Co., or Pimco, and other bondholders in troubled Portuguese lender Novo Banco are threatening to derail a sale of the bank to private equity group Lone Star Funds, saying they would rather buy it themselves.

Study Questions Value of Costly Cancer-Drug Combinations

A new study is stirring debate about whether the benefits of cancer drugs are worth their cost, particularly as drugmakers develop treatments that combine multiple pricey drugs.

Veterans Affairs to Adopt Medical-Records System Defense Department Uses

The head of the Department of Veterans Affairs said Monday the agency will scrap its current electronic records system and use the same system as the one now operating at the Department of Defense.

Merrill Pulls In Brokers Before Recruitment Pause

Just before a self-imposed recruiting pause set in, Merrill Lynch made at least three multibillion-dollar hires from its biggest rivals.

(END) Dow Jones Newswires

June 05, 2017 19:15 ET (23:15 GMT)