Matt Shilling has revised his full-year revenue estimates for six big names due in large part to reductions in ad commitments by companies such as General Motors and Procter & Gamble.

September E-mini S&Ps (ESU14 +0.04%) this morning are up +0.10% and European stocks are down -0.44%. European stocks were undercut on concern that the violence in Ukraine between government forces and rebels may escalate.

L'Occitane en Provence, France's “green” maker of up-market cosmetics is expanding into the emerging markets, but has run into trouble with the US FDA. Reports are coming in that Valeant (VRX) is after Teva. Plus more international news.