News Summary for June 13, 2011

This is your Benzinga news summary and traders' outlook for Monday, June 13, 2011, covering headlines from the weekend and Monday's pre-market session. Today in domestic pre-market trading, U.S. equity futures are trading higher as commodities launch into the week at lower prices. However, the U.S. dollar is trading slightly lower this morning after ending the prior session higher. Overseas last night, the euro fell against the dollar, continuing its fall over the weekend. Asian stocks extended a seven-week losing streak on fears of the global recovery, falling to an 11-week low. On the economic calendar today, export inspections for corn, soybeans, and wheat are due at 11:00 a.m. ET. Earlier this morning, Valeant VRX and GlaxoSmithKline GSK announced U.S. FDA approval of epilepsy drug Potiga. Chesapeake Energy Corporation CHK increased its quarterly dividend by 17% and sees regular dividend increases in the years ahead. On the commodity front, gold futures are slightly lower on the session and silver is down over 1.5% from Friday's levels. Likewise, crude oil and gasoline futures are trading lower this morning with crude down over 1%. Natural gas is starting the session on the positive front by over 0.5% higher. In corporate news, VF Corp VFC, the parent company of North Face and Wrangler Jeans, announced that it will buy Timberland TBL in a $2 billion deal. Also, Wendy's/Arby's Group WEN announced a definitive agreement to sell Arby's to Roark Capital Group for approximately $430 million. Wendy's/Arby's Group will retain 18.5% ownership stake, however. This concludes your news summary for June 13, 2011.