News Summary for June 3, 2011

This is your Benzinga news summary and trader's outlook for Friday, June 3, 2011, covering headlines from last night and Friday's pre-market session. Today in domestic pre-market trading, U.S. equity futures are showing losses after disappointing employment data was announced at 8:30 a.m. ET. Non-farm payroll numbers came in at a surprising 54,000 versus a 165,000 estimate and the unemployment rate rose to 9.1% from an expected 8.9%. The U.S. dollar also spiked to the lows of the session after the disappointment. On the economic calendar later today, ISM Non-Manufacturing Index is set to be released at 10:00 a.m. ET. Yesterday, rating agency Moody's warned that it would consider cutting the United States' credit rating if the U.S. government did not make progress on the debt limit. Also, the U.S. Treasury Department reached an agreement to sell its remaining 6% stake in Chrysler to Italian automaker Fiat (FIATY). The deal is valued at $560 million. Yesterday after the bell, Quicksilver ZQK beat analysts' estimates for earnings and revenue for its second quarter announcement. Shares jumped over 10% in after-hours trading. Verifone Systems PAY also reported an earnings and revenue beat, as well as increasing fiscal year 2011 guidance. On the commodity front, gold futures started the day relatively lower than yesterday's price levels, while silver moved down over 2%. Likewise, crude oil, gasoline, and natural gas futures are all lower this morning, with natural gas posting the biggest loss as traders take profit after the commodity rallied over 3% during yesterday's session. In corporate news, Sony SNE announced that hackers have again breached Sony's network and accessed more than one million customers' online information. Finally, Mexico's Modelo and Molson Coors TAP are said to investigate a possible bid for Australia's Foster's Group. This concludes your news summary for June 3, 2011.