MORNING COFFEE

Online Ad Revenues Jump. The Internet Advertising Bureau reported that U.S. online ad revenues rose +23% in the first half of the year to a record $14.9 billion.  This is a big jump from the prior year’s +11% growth and $12.1 billion.  Search and display ad sales both rose +27%, and video sales rose +42%. Google (GOOG) Pre-market: 537.39 +8.55 (1.62%)

Downgrades

Advanced Micro (AMD): ThinkEquity lowered their rating from Buy to Hold and lowered their target price from $8.00 to $6.00. Pre-market: 5.58 -0.57 (-9.27%)

Advanced Micro (AMD): Macquarie lowered their rating from Hold to Underperform and placed a target price of $6.15 on the company. Pre-market: 5.58 -0.57 (-9.27%)

Coverage Initiated

Eastman Chemical (EMN): CLSA initiated coverage with a Buy rating and placed a target price of $87.00 on the company.

PPG Industries (PPG): CLSA initiated coverage with an Outperform rating and placed a target price of $85.00 on the company.

Sherwin-Williams (SHW): CLSA initiated coverage with an Underperform rating and placed a target price of $82.00 on the company.

Coverage Reiterated/Price Target Changed 

Advanced Micro (AMD): FBR Capital reiterated their Outperform rating and lowered their target price from $12.00 to $8.50. Pre-market: 5.58 -0.57 (-9.27%)

Earning Reports

Mosaic (MOS): Reported EPS of $1.17 missing estimates by -$0.10. Pre-market: 57.97 +0.78 (1.36%)

Thor Industries (THO): Reported EPS of $0.66 missing estimates by +$0.04. Pre-market: 20.54 +0.23 (1.13%)

Markets
Futures at 8:38: Dow +1.29%. S&P +1.27%. Nasdaq +1.33%. Crude +1.50% to $82.43. Gold +0.14% to $1620.30.

Europe: London +0.22%. Paris +1.50%. Frankfurt +1.45%.

Asia: Japan +0.99%. Hong Kong (closed). China -1.12%. India +1.53%.