New Summary for June 7, 2011

This is your Benzinga news summary and trader's outlook for Tuesday, June 7, 2011, covering headlines from overnight and Tuesday's pre-market session. Today in domestic pre-market trading, U.S. equity futures are trading higher as markets try to gain some momentum after five consecutive weeks of losses. The U.S. dollar is down nearly 0.5% today after ending yesterday's session higher. Over night, the Euro rose against the dollar to the highest level since early May. On the economic calendar later today, IBD/TIPP Economic Optimism is set to be released at 10:00 a.m. ET. Later this afternoon, Consumer Credit is due at 3:00 p.m. ET, and API energy inventories are set to be released at 4:30 p.m. ET. Yesterday after the close, Pep Boys PBY reported disappointing quarterly results and fell over 10% after-hours. Earlier this morning, Navistar NAV missed EPS by $0.15, although it beat on revenues and raised its 2011 EPS guidance. On the commodity front, gold futures are flat on the session, and silver moved approximately 1% higher. However, crude oil, gasoline, and natural gas futures are all lower on the session. In corporate news, disapproval reined over Sony SNE after the company unveiled the pricing of its new PlayStation Vita gaming device. Consumers instantly criticized the device, claiming that it was too costly. Yesterday, International Paper IP launched a hostile takeover for rival Temple-Inland TIN for $3.3 billion, in which Temple-Inland rejected the bid of $30.60 per share, a 44% premium over the company's prior closing price. Overseas, Chinese officials warned about holding “excessive” U.S. assets as Washington may pursuer a weak-dollar policy to curb a weak equity market. Finally, later this afternoon, investors will pay attention to Federal Reserve Chairman, Ben Bernanke, as he speaks about the U.S. economy and the potential of QE3. This concludes your news summary for June 7, 2011.