Photo by Karen Bleier AFP—Getty Images
By Ben Geier
July 23, 2014

Hello, friends and Fortune readers.

Despite the closing of all Crumbs stores earlier this month, apparently the cupcake isn’t completely dead: LeBron James and his family sent cupcakes to his neighbors as an apology for the media storm in his neighborhood before he rejoined the Cleveland Cavaliers earlier this month. That’s an integrity move. With that, here’s what you need to know about in business news today.

1. Facebook’s status update.

Later today, we’ll find out how Zuck and company did last quarter. The general thought is that the quality of the earnings will depend largely on how the social network did with mobile advertisers, increasingly the most important revenue stream for the company.

2. Barney Frank is back on the Hill.

The always-entertaining and loquacious former congressman from Massachusetts will return to Capital Hill today to talk about the Dodd-Frank bill in the week of the Wall Street regulatory law’s fourth birthday. The Democrat is frequently passionate, so his testimony is a must-watch.

3. Amazon Fire phone reviews are meh.

The new mobile device has now been widely reviewed, and the experts are saying that, while it is by no means a bad phone, it’s not great. The Wall Street Journal says it’s full of cool gimmicks, such as the ability to move the screen by moving your head, but lacks some of the basic functionality of its peers.

4. Deutsche Bank and the New York Fed cause a ruckus.

Deutsche Bank, Europe’s second largest investment bank, is falling in the German market following reports that say the New York Fed faulted the regulatory reports issued by some of the firm’s U.S. businesses last year. Last month, the regulator sent the bank a letter saying it had problems with oversight, according to Bloomberg.

5. Uber rider pays nearly $5 to go 82 feet.

A man in Houston literally took an Uber around the block and was charged $4.28. Some doubt the story, but the man who posted his story on Reddit swears it’s true. Surprise, surprise — at both ends of the trip were bars.

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