According to TG Daily, the July Patch Tuesday, scheduled for July 14, will offer six patches, including three critical updates that affect Windows. The rest are considered "important" and affect Publisher, Internet Security and Acceleration (ISA) Server and Virtual PC and Virtual Server.
DigitalTrends notes that included in the critical fixes is a patch for the Internet Explorer ActiveX vulnerability that Microsoft announced earlier this week. The second critical update involves a vulnerability in DirectShow. There are no details about the third critical update except that it affects all versions of Windows.
More information can be found on Microsoft's advance notification post.