Hello, friends and Fortune readers.
Yesterday we saw a story that continued a long-standing traditions of weird things involving celebrities at the White House. First, there was when Elvis met Nixon. Now, we’ve got Snoop Dogg claiming to have smoked pot at 1600 Pennsylvania Ave. Anyway, here’s what you need to know in business today:
1. Automakers report results.
Automakers are reporting their earnings results today. Ford’s profit edged up, while GM’s profit fell sharply due to its recall costs. The automaker also said it expects to pay at least $400 million in compensation to ignition switch victims, but that number could rise to $600 million.
2. New home sale numbers.
Following a surprisingly big jump in May, Marketwatch reports that analysts expect new home sales to slow down in June. Even if sales fall as expected, the average rate for the second quarter would still be a jump from the first quarter, a sign of a revitalizing economy.
3. Tel Aviv flight ban lifted.
The U.S. Federal Aviation Administration has lifted its ban on U.S. airlines flying into and out of Ben Gurion International Airport in Tel Aviv.
4. IMF report comes out today.
On Wednesday, the International Monetary Fund said the U.S. economy’s growth was the slowest since the end of the recession. Today, it will release a similar report on the world economy, with national leaders surely hoping for sunnier news. Unfortunately, the IMF doesn’t have the best track record. It has cut 10 of the last 12 global growth forecasts.
5. Wal-Mart ice cream sandwiches don’t melt.
Everyone loves ice cream on a hot today. Everyone hates getting melted ice cream on their hands. Well, just go to Wal-Mart, where apparently the ice cream sandwiches don’t melt when left out in the heat for 12 hours. That ain’t right.