News Summary for June 23, 2011

This is your Benzinga news summary and traders' outlook for Thursday, June 23, 2011, covering headlines from overnight and Thursday's pre-market session.

Today in domestic pre-market trading, U.S. equity futures are trading lower after Fed chairman Ben Bernanke's speech yesterday and a higher U.S. dollar.

Overseas, European markets traded lower prior to the U.S. market session as financial ministers will discuss and try to convince equity markets of a plan to fix Greece's debt and return the country to financial stability.

On the economic calendar today, the Chicago Fed Activity Index and jobless claims are set be reported at 8:30 a.m. ET. New home sales for May are to be reported at 10:00 a.m. Yesterday, the Federal Open Market Committee decided to keep interest rates unchanged. The Federal Reserve also lowered growth forecasts for 2011 and revised inflation and unemployment for 2011 and 2012. Read more about the revisions here.

On the earnings front, Bed Bath & Beyond (NASDAQ: BBBY) yesterday reported a first quarter earnings and revenue beat while raising guidance. Shares of Bed Bath & Beyond are currently over 2.5% higher in pre-market trading. Read more about Bed Bath & Beyond's earnings here.

RiteAid (NYSE: RAD) reported earnings pre-market today, beating EPS estimates on in-line revenues. Same-store sales were positive for the first quarter, although sales guidance remains only fractionally higher for the year.

Last night, Sonic (NASDAQ: SONC) reported better-than-expected quarterly results, boosted by higher sales at its own drive-in restaurants.

Earlier this morning, Lululemon (NASDAQ: LULU) announced the 2-for-1 stock split on record for July 8th. Read more here.

On the commodity front, gold and silver futures are trading lower with silver falling over one percent on the session. Likewise, energy futures remain lower with crude oil futures' posting early loses of over 1%.

In corporate news, American Airlines (NYSE: AMR) is in talks with Airbus to potentially purchase 100 airplanes. American Airlines currently has an all-Boeing (NYSE: BA) fleet.

Kroger (NYSE: KR), Guess (NYSE: GES), Lennar (NYSE: LEN), and Steelcase (NYSE: SCS) will be holding their annual shareholders' meetings today at 11:00 a.m. ET.

This concludes your news summary for June 23, 2011.