* Joshua Brown: Will Glencore be the Blackstone IPO of the commodities rally?

* Beyond fast food: How Panera found success in a down economy

* This decade’s Microsoft? The FTC is considering a major anti-trust probe of Google (GOOG), but is waiting for Justice to rule on the search giant’s proposed takeover of ITA Software.

* Morning Call: U.S. futures fall on Nasdsaq rebalancing, London opens lower, European shares flatten on inflation fears and the Nikkei sheds 1%.

* Andrew Ackerman: The SEC is investigating backdoor mergers by Chinese companies

* Luke Timmerman: Can Tom Maniatis create a major biotech cluster in New York City?

* Julian Robertson has reopened Tiger Management to outside investors for the first time in a decade

* That didn’t take long: Just weeks after quitting Digg, Kevin Rose is back with a mobile app incubation project called Milk

* Not a Blockbuster night: Liquidators begin to bid, and the winner may shut all of the video rental chain’s remaining stores

* LivingSocial files to raise up to $565 million in new VC funding, although NYT reports it only is taking 80% of that. No word on if any of this money will be used for early shareholder liquidity (a la Groupon).