Business News

The National Association for Business Economists revised down its expectation for U.S. GDP growth to 2.4% from a previously forecast 3.1%. NABE said "sluggish" conditions in the first quarter spilled over into the second and will drag down economic growth for the year. (AP)

McDonald's global same-store sales fell 3% May. It is the last time the fast-food chain will report on monthly sales. Comparable-store sales in the U.S. were down 2.2% in the month, while sales in Europe rose 2.3%.

In the Asia/Pacific, Middle East and Africa (APMEA) region, sales were down 3.2%. (CNBC)

Japan's long suffering economy revised its economic growth sharply higher in the first quarter. GDP rose an annualized 3.9%, higher than the preliminary reading of a 2.4% increase. (CNBC)

Not only did American Pharaoh break a 37-year drought Saturday, becoming the first horse since 1978 to win racing's elusive Triple Crown, but it was also a financial boon. Forbes estimates the colt could now be worth nearly $50 million in breeding and other monetary rights. (NBC News/Forbes)

Diageo, the world’s largest maker of spirits, is seeing its shares surge on reports Brazilian billionaire Paulo Lemann's buyout firm 3G Capital is considering a bid for the spirits maker. 3G also owns Burger King and Heinz.  (Fox Business News)

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