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Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

U.S. Online Advertising Hits High in 3Q [AP] and Internet Ad Potential Underestimated - Yahoo CEO [Reuters]

Summary: For the eighth straight quarter, U.S. Internet advertising surpassed its old high, bringing in $4.2 billion in the third quarter in revenue, according to a PricewaterhouseCoopers estimate. The increase Q/Q of 2% and Y/Y growth of 33%. Internet advertising accounts for about 5% of all U.S. advertising revenues according to most sources. However, Yahoo! CEO feels the growth potential of Internet advertising has been underestimated since they leave out video, social media and mobile internet advertising - the largest growth areas in web advertising of late. Semel complained that predictions for online advertising only took into account graphical and search advertising adding "video as you all know will become a major factor on the Internet."
Related links: Media coverage: Red Herring. Commentary: Online Advertising Tops $4 Billion Per QuarterMary Meeker on the Internet's FutureThe Risky Business of Pay-Per-Click AdvertisingYahoo Closing The Door On Click Fraud?Online Ad Growth Continues To Outpace Other Ad MediumsEven Google's Not Immune To the Slowing Online Ad BoomYahoo Discusses its "Panama" Search Engine Advertising PlatformYahoo and Google Earnings Indicative of Unhealthy Reliance on Online Advertising (GOOG, YHOO). Conference call transcripts: Google Q3 2006 Earnings Call TranscriptYahoo! Q3 2006 Earnings Call Transcript.
Potentially impacted stocks and ETFs: Yahoo! (NASDAQ:YHOO), Google (NASDAQ:GOOG) • ETFs: First Tr DJ Internet Index Fd (NYSEARCA:FDN), Internet Architecture HOLDRS (NYSE:IAH).

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Source: U.S. Online Ad Revenue Sets New Record; Yahoo's Semel Feels Ad Growth Underestimated