Banks Had Unfair Advantage From Commodity Units (Bloomberg) Report Notes Deals Between Goldman, Deutsche and Others Drove Up Aluminum Prices (WSJ) Goldman, Morgan Stanley Commodity Heyday Gone as Units Faulted (BBG) - because when you can no longer manipulate, you move on... Lenders Shift to Help Struggling Student Borrowers (WSJ) Immigrants face major hurdles in signing up to new Obama plan (Reuters) Distressed Debt in China? Ain’t Seen Nothing Yet, Buyers Say (BBG) Banking culture breeds dishonesty, scientific study finds (Reuters) Amazon Robots Get Ready for Christmas (WSJ) Crimean savers ask: Where's our money? (Reuters) - What's a saver? Police arrest protesters as St. Louis awaits grand jury decision (Reuters) Teen Retailer Faces Challenge Filling Expansive Floor Space With Right Merchandise (WSJ) Three students shot in Florida university library, gunman killed (BBG) Takata, auto executives to face Senate over deadly air bag scandal (Reuters) Deadly western New York snowstorm to get second wind (Reuters) Overnight Media Digest WSJ * United States President Barack Obama will lay out sweeping changes to the immigration system in a speech, offering new protections to millions of people in the country illegally and sparking a bitter fight with Republicans. (http://on.wsj.com/1F3JGC2) * Amazon.com Inc has outfitted several United States warehouses with squat, wheeled robots that move stocked shelves to workers and are expected to speed delivery, saving employees as much as 20 miles a day of walking. (http://on.wsj.com/1qYIYO6) * Federal Reserve officials meeting last month said they felt the U.S. recovery was on strong enough footing to withstand gathering external threats to growth and stuck to their plan to gradually unwind nearly six years of easy-money policies. (http://on.wsj.com/1vqtGbw) * A United States Senate report on commodity-market activities at big Wall Street banks accuses the firms of being so powerful they were able to influence prices, gain trading advantages and put the broader financial system at risk by entering volatile businesses such as uranium trading and coal production. (http://on.wsj.com/1uTMNsW) * A look at the partnership of Valeant Pharmaceuticals International Inc CEO Michael Pearson and activist investor William Ackman in their failed $53 billion bid to acquire Allergan Inc shows that the two men didn't always see eye to eye. (http://on.wsj.com/1uTOC99) * Investors are shedding holdings of Korean won, Singapore dollars and other Asian currencies, in a bet the yen's fall against the dollar will reverberate through the region's foreign-exchange markets. (http://on.wsj.com/1yUYcI2) * Forever 21 is grappling with a special problem stemming from its aggressive expansion: gigantic stores that it has had trouble filling productively, sources said. It doesn't report sales or profits, but people who have seen the figures say sales excluding newly opened or closed stores hit a negative patch within the last 18 months. (http://on.wsj.com/1Ak64aj) * The Coca-Cola Co is increasingly pushing smaller packages as more Americans fret about calories from sugary drinks. Coca-Cola said that sales of its namesake cola's smaller, premium-priced packages, including 7.5 ounce "mini cans" and 8 ounce glass bottles, have risen 9 percent this year through October in dollar terms in the United States. (http://on.wsj.com/1qvN05O) * Archer Daniels Midland Co sued Syngenta AG over losses the grain trader and processor said it suffered after Syngenta sold genetically engineered corn in the United States that had yet to win approval in China. (http://on.wsj.com/1F5P6MJ) * Yahoo Inc struck a five-year deal with Mozilla Corp to become the default search engine on its Firefox browser in the United States, ending the nonprofit's long-standing relationship with Google Inc (http://on.wsj.com/11EvAsv) * Thousands of people struggling to pay back student debt are in line to get a break as two big lenders, Wells Fargo & Co and Discover Financial Services roll out programs to ease loan terms. (http://on.wsj.com/1qXWWzL) FT The amount the National Health Services spends on each patient would fall between 98 pounds ($153.5856) and 191 pounds - a real term drop in spending of at least 5.5 billion pounds - by 2020 under funding pledges of the main political parties, according to an analysis. Energy and mining companies are failing to consider the "existential threat" from climate change and must change the way they operate, former BP PLC head Lord Browne warned. Pub companies face a decline in investor confidence and months of uncertainty after a decision by MPs to unwind the centuries-old beer tie system hammered on their share prices. Vodafone Group PLC may be forced to bid for TV rights to keep up with its competitors as they move to offer bundled television and broadband services, putting pressure on the telecoms company to buy exclusive content, Chief Executive Vittorio Colao warned. NYT * A two-year Senate-led investigation is throwing back the curtain on the outsize and sometimes hidden sway that Wall Street banks have gained over the markets for essential commodities like oil, aluminum and coal. A Senate subcommittee found that Goldman Sachs and JPMorgan Chase assumed a role of such significance in the commodities markets that it became possible for the banks to influence the prices that consumers pay while also securing inside information about the markets that could be used by their own traders.. (http://nyti.ms/1BOTLo3) * During the financial crisis in 2008, the government made a supremely generous move that most likely saved Goldman Sachs from collapse. Six years later, Goldman is still reaping benefits from the special provisions that came with that act of mercy, according to the findings of a Senate report that was released on Wednesday. (http://nyti.ms/1uzPTAV) * The new airbag propellant was supposed to be the next big thing for Takata in 1998. An engineer for the company, Paresh Khandhadia, declared it "the new technological edge" in an interview with a trade magazine then. Based on a compound called tetrazole, it was seen as a reliable and effective compound for inflating airbags. Yet despite the fanfare, by 2001 Takata had switched to an alternative formula, ammonium nitrate, and started sending the airbags to automakers, including Honda. That compound, according to experts, is highly sensitive to temperature changes and moisture, and it breaks down over time. And when it breaks down, it can combust violently, experts say. (http://nyti.ms/1xR1DAt) * A group of community bankers raised many of the same concerns as Senators Elizabeth Warren and Richard Durbin about the naming of Antonio Weiss to a top Treasury job. One being Weiss's work on Burger King's acquisition of the Canadian coffee chain Tim Hortons Inc. (http://nyti.ms/1vrqV9R) * After Netflix Inc delayed a stand-up special, NBC announced it was dropping plans to develop a new sitcom starring comedian Bill Cosby, the latest fallout from rape accusations. (http://nyti.ms/1uLPT2n) Canada THE GLOBE AND MAIL ** Calgary-based pipeline and power giant TransCanada Corp said on Wednesday that it would spend as much as $46 billion through to 2020 to connect surging supplies of shale gas and oil sands crude in Western Canada to growth markets. (http://bit.ly/1ysGiN9) ** Australia's free trade deal with China may not be good news for Canada as its companies struggle to find a foothold in the world's second largest economy. The Australian deal is now prompting calls in Canada for the Stephen Harper government to kick-start its own free trade talks with China, which stands to find cheaper alternatives to its south than from across the Pacific once the agreement is finalized. (http://bit.ly/1ysH50s) ** Bell Media Inc has cut 80 full-time positions in its latest round of layoffs, citing an "industry-wide challenging advertising market." (http://bit.ly/1vsav14) NATIONAL POST ** Premier Kathleen Wynne's decision to reopen contracts for public school teachers last year cost Ontario taxpayers $468 million, Ontario Auditor General Bonnie Lysyk reported on Wednesday. (http://bit.ly/1xEdaW4) ** Former Conservative party campaign worker Michael Sona has been sentenced to nine months for his role in a scheme to misdirect voters to the wrong polling location in Guelph in the 2011 federal election. Judge Gary Hearn also imposed an additional 12 months of probation on Sona after his jail term is served. (http://bit.ly/1zFR2Zo) ** Toronto-based Brookfield Asset Management is abandoning its plan to buy the former Revel Casino Hotel in Atlantic City, dealing another blow to a city reeling from a string of casino closures and the disappearance of thousands of jobs. (http://bit.ly/1xRDhGz) China CHINA SECURITIES JOURNAL - Companies that have listed on the over-the-counter (OTC) exchange and have met compliance requirements can be transferred to China's Nasdaq-style board known as ChiNext, said Liu Jianjun, deputy director at the supervision department of private equity in China Securities Regulatory Commission (CSRC). - Zhuang Xinyi, vice chairman of CSRC, said at a forum meeting on Wednesday that the commission was pushing forward with reforms on the initial public offering (IPO) process which is currently based on an approval-based registration system. SECURITIES TIMES - Hong Kong residents' demand for offshore renminbi, also known as yuan, has risen to a two-week high due to the launch of the Shanghai-Hong Kong stock connect scheme. The rise in demand has also boosted the exchange rate for offshore yuan, the paper said. SHANGHAI SECURITIES NEWS - The government will push ahead with financial reforms even as the economy faces growing pressure, according to officials from the National Development and Reform Commission. SHANGHAI DAILY - The water in half of China's top 10 river systems is polluted and about 60 percent of the nation's underground water is of poor quality, according to China's Environmental Situation Report. About 9 percent of the water in these river systems was rated as class V, indicating severe pollution. CHINA DAILY - China is ready to work with other countries to deepen international cooperation, respect sovereignty on the internet and uphold cyber security, President Xi Jinping said in a congratulatory message to the first World Internet Conference. Britain The Times Wait times are halved for latest NHS drugs Waiting times for cutting-edge drugs will be cut in half under government plans to rip up a "broken" system that has denied many NHS patients life-extending treatments. (thetim.es/1vqUjh1) Bankers fail scientists' honesty test Rogue traders, the Libor scandal and astronomical bonuses for the chiefs of failing banks have all hinted that banking's moral compass had gone awry. Now scientists say they have confirmed what many suspected - the industry really is more dishonest than most. (thetim.es/1Akm1gE) The Guardian Royal Mail says Amazon delivery service will hit its UK parcels business Royal Mail Plc has warned that growing competition from Amazon.com Inc will hurt its UK parcels business, as it reported a 21 percent decline in first-half profits. (bit.ly/11BxKsT) Jail the best deterrent for rogue traders, BoE deputy governor says Nemat Shafik, one of the Bank of England's deputy governors, said the best deterrent to rogue traders in financial markets is the threat of jail. (bit.ly/11vsfLt) The Telegraph 11 bln stg energy smart meter roll-out suffers further delay The government's 11-billion-pound ($17-billion) plan to install "smart" energy meters in every home is being delayed by up to a year, after the company in charge of the communications system for the devices warned it would not be ready in time. (bit.ly/1thnyLS) Thousands join Lloyds investor lawsuit over HBOS takeover About 8,000 investors have put their name to a lawsuit claiming Lloyds Banking Group Plc misled shareholders ahead of the bank's acquisition of HBOS Plc six years ago. (bit.ly/11DLx2l) Sky News UK company planning to land probe on moon British company Lunar Missions Ltd is planning to send a probe to the moon and bury a time capsule of memory discs under the surface. (bit.ly/1p1Cm5H) Bank watchdog hands out fine to RBS The regulatory arm of the Bank of England will hand out its first fine on Thursday when it censures Royal Bank of Scotland for an IT meltdown in 2012. (bit.ly/11ukjdt) The Independent Londoners set to spend £1bn in run-up to Christmas Christmas spending in London's West End is expected to break through the 1 billion pound barrier for the first time this year as confidence in the recovery gathers momentum. (ind.pn/1zEgJJG) M&S to scale back 'duplicated and overcrowded' clothing lines Marks and Spencer Group Plc has said there will be 20 percent fewer lines than two years ago in a sign the company is beginning to regain confidence in its abilities. (ind.pn/1vqSLmx) Fly On The Wall Pre-market Buzz ECONOMIC REPORTS Domestic economic reports scheduled for today include:Consumer Price Index for October at 8:30--consensus down 0.1%Jobless claims for week of November 15 at 8:30--consensus 284KMarkit manufacturing PMI for November at 9:45--consensus 56.3Leading indicators for October at 10:00--consensus up 0.5%Existing home sales for October at 10:00--consensus down 0.4% to 5.15M rate ANALYST RESEARCH Upgrades Columbia Banking (COLB) upgraded to Buy from Neutral at Sterne AgeeEOG Resources (EOG) upgraded to Overweight from Neutral at Atlantic EquitiesFranklin Street (FSP) upgraded to Outperform from Neutral at RW BairdJetBlue (JBLU) upgraded to Neutral from Underperform at Credit SuissePrimerica (PRI) upgraded to Buy from Neutral at SunTrustStage Stores (SSI) upgraded to Market Perform from Underperform at Telsey AdvisoryStatoil (STO) upgraded to Overweight from Neutral at HSBCThe Medicines Co. (MDCO) upgraded to Outperform from Neutral at Credit SuisseTrueCar (TRUE) upgraded to Outperform from Sector Perform at RBC CapitalYum! Brands (YUM) upgraded to Buy from Neutral at Janney Capital Downgrades Alexandria Real Estate (ARE) downgraded to Neutral from Outperform at RW BairdAllscripts (MDRX) downgraded to Sector Perform from Outperform at RBC Capitalathenahealth (ATHN) downgraded to Underperform from Sector Perform at RBC CapitalBoston Properties (BXP) downgraded to Neutral from Outperform at RW BairdCliffs Natural (CLF) downgraded to Hold from Buy at Deutsche BankComputer Programs (CPSI) downgraded to Sector Perform from Outperform at RBC CapitalConstellium (CSTM) downgraded to Neutral from Buy at CitigroupCubist (CBST) downgraded to Neutral from Outperform at Credit SuisseDenbury Resources (DNR) downgraded to Equal Weight from Overweight at BarclaysE-House (EJ) downgraded to Perform from Outperform at OppenheimerFirst Interstate (FIBK) downgraded to Neutral from Buy at Sterne AgeeMacerich (MAC) downgraded to Market Perform from Outperform at BMO CapitalOplink Communications (OPLK) downgraded to Neutral from Buy at B. RileyOwens-Illinois (OI) downgraded to Market Perform from Outperform at BMO CapitalQuality Systems (QSII) downgraded to Sector Perform from Outperform at RBC CapitalSantander Consumer (SC) downgraded to Underweight at Morgan StanleySapient (SAPE) downgraded to Hold from Buy at StifelZoetis (ZTS) downgraded to Market Perform from Outperform at William Blair Initiations American Express (AXP) initiated with a Market Perform at BernsteinApache (APA) initiated with an Outperform at Imperial CapitalBBCN Bancorp (BBCN) initiated with a Neutral at Sterne AgeeBCE (BCE) initiated with a Buy at CitigroupCapital One (COF) initiated with an Outperform at BernsteinDiscover (DFS) initiated with a Market Perform at BernsteinFirst Republic Bank (FRC) initiated with an Underperform at Sterne AgeeHanmi Financial (HAFC) initiated with a Buy at Sterne AgeeInternational Paper (IP) initiated with a Market Perform at Wells FargoMeadWestvaco (MWV) initiated with a Market Perform at Wells FargoNAPCO Security (NSSC) initiated with a Neutral at B. RileyOpus Bank (OPB) initiated with a Buy at Sterne AgeeRogers Communications (RCI) initiated with a Neutral at CitigroupStrategic Hotels (BEE) initiated with an Outperform at RBC CapitalSynchrony Financial (SYF) initiated with an Outperform at BernsteinTELUS (TU) initiated with a Buy at Citigroup COMPANY NEWS Yahoo (YHOO) and Mozilla announced a strategic five-year partnership that makes Yahoo the default search experience for Firefox in the United States on mobile and desktop (GOOG)Keurig Green Mountain (GMCR) said CFO Frances G. Rathke to leave in FY15JANA Partners said it is continuing discussions with Hertz (HTZ) for board, management changesBillboard 200 chart to include on-demand streaming in rankings (NLSN, MSFT, GOOG, AAPL, P)RBS (RBS), NatWest, Ulster Bank fined GBP42M by FCACGG SA (CGG) confirmed offer from Technip (TKPPY), considered that conditions to pursue not metAmazon.com (AMZN) to start Black Friday deals on Friday, Nov. 21KLA-Tencor (KLAC) declared special dividend of $16.50 per share EARNINGS Companies that beat consensus earnings expectations last night and today include:Kirkland's (KIRK), JinkoSolar (JKS), GasLog (GLOG), Copa Holdings (CPA), America's Car-Mart (CRMT), L Brands (LB), Fidelity & Guaranty Life (FGL), Datawatch (DWCH), Williams-Sonoma (WSM), Salesforce.com (CRM), Real Goods Solar (RGSE), Keurig Green Mountain (GMCR) Companies that missed consensus earnings expectations include:Donaldson (DCI), Atento (ATTO) Companies that matched consensus earnings expectations include:Jumei (JMEI) NEWSPAPERS/WEBSITES Caesar's (CZR) to turn operating unit into REIT, Bloomberg reportsAB InBev (BUD) cutting jobs, consolidating sales division in U.S., WSJ reportsSenate panel says banks could influence commodity prices, NY Times says (GS, JPM)Citigroup (C) risk executive Miller found dead in New York, Bloomberg reportsGoldman (GS) terminates two employees for sharing confidential information, WSJ reportsTarget (TGT) looks 'poised for more gains,’ Barron's says SYNDICATE Autohome (ATHM) 8.5M share Secondary priced at $42.50Continental Building (CBPX) 7M share Secondary priced at $14.75Covenant Transportation (CVTI) 2.64M share Secondary priced at $22.00Essent Group (ESNT) 12M share Secondary priced at $22.25GoPro (GPRO) 10.36M share Secondary priced at $75.00Habit Restaurants (HABT) 5M share IPO priced at $18.00Immune Pharmaceuticals (IMNP) files automatic common stock, warrants shelfIndependence Realty Trust (IRT) files to sell 6M shares of common stockKindred Healthcare (KND) 5M share Secondary priced at $19.75La Quinta (LQ) 20M share Secondary priced at $20.00Lexicon (LXRX) files to sell $50M of common stockNeothetics (NEOT) 4.65M share IPO priced at $14.00ONEOK Partners (OKS) enters $650M equity distribution agreementWalker & Dunlop (WD) files to sell 2M shares of common stock for holders