NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, Nov. 21:

1. -- U.S. stock futures were rising Friday after China's central bank cut interest rates and European Central Bank President Mario Draghi hinted the ECB could take more aggressive stimulus measures.

China said it cut the rate on one-year loans to financial institutions by 0.4 percentage point to 5.6%. The bank also lowered the one-year interest rate paid on savings.

Draghi, meanwhile, said Friday the ECB could "step up the pressure" and increase its efforts to stimulate the struggling eurozone economy.

European stocks rose. Asian shares finished mostly higher ahead of the rate cut announcement from China.

2. -- The economic calendar in the U.S. on Friday is bare.

3. -- U.S. stocks on Thursday rose as traders shook off earlier grim news out of China and Europe and piled money into retail and energy names.

Modest gains were enough for new closing highs for the S&P 500, up 0.2% to 2,052.75, and the Dow Jones Industrial Average, up 0.17%. The Nasdaq rose 0.56%.

4. -- Alibaba (BABA) , the Chinese e-commerce giant, sold on Thursday $8 billion in bonds, one of the largest corporate-bond deals of the year.

Bloomberg reported the bonds were sold at yields lower than originally offered after the company got at least $57 billion of orders from investors.

Alibaba said in previous statements it would use the proceeds from the bond sale to refinance some credit agreements.

5. -- Gap (GPS)  cut its profit outlook for the full year after third-quarter sales came in below analysts' expectations.

Third-quarter sales were virtually unchanged from a year earlier at $3.97 billion. Analysts were looking for revenue of $4.01 billion.

Gap said it now expects earnings for the year to be in the range of $2.73 to $2.78 a share. Analysts forecast profit of $2.83.

The retailer also made a number of management changes. Jeff Kirwan will become global president for the Gap brand, while Andi Owen, who heads Gap Outlet's division, will become global president for Banana Republic. 

6. -- Hertz (HTZ)  turned to the airline industry for help Thursday, naming John P. Tague, the former president of United Airlines, as its CEO.

Tague was at United for eight years, rising through the ranks to become president and chief operating officer, prior to parent UAL's merger with Continental to become United Continental Holdings (UAL) . More recently, Tague was CEO of Cardinal Logistics Holdings, a transportation provider.

Hertz shares have declined 21% year-to-date. The company has had accounting problems and has been struggling to win shareholder support. 

7. -- GameStop (GME)  reported on Thursday fiscal third-quarter profit that missed expectations while it also cut its outlook for the year.

Adjusted profit in the quarter was 57 cents a share, below analysts estimates of 62 cents. The video game retailer's sales of $2.09 billion also fell short of analysts' estimates of $2.21 billion.

GameStop said the delayed release of "Assassin's Creed Unity" hurt its sales for the quarter.

GameStop said it per-share earnings for the year of $3.40 to $3.55, down from its previous outlook of $3.40 to $3.70. The company also slashed its outlook for same-store sales for the year.


8. -- Federal authorities are investigating whether casino operator Wynn Resorts (WYNN)  violated money-laundering laws, The Wall Street Journal reported, citing people familiar with the matter.

Prosecutors from the Manhattan and Las Vegas U.S. Attorney's offices and investigators from the Internal Revenue Service and Drug Enforcement Administration are coordinating their efforts to look into the Las Vegas-based company, people familiar with the matter told the Journal.

Wynn is the third major Las Vegas casino company in recent years known to be investigated for possible violations of money-laundering laws.

"We are not aware of any criminal investigation of the company whatsoever and we have serious doubts that any such investigation is taking place," said Michael Weaver, Wynn's senior vice president of marketing. "No agency has notified the company that it is under any investigation."

9. -- Valeant Pharmaceuticals (VRX) cut its stake in Allergan (AGN)  to 0.1% from 9.7%, three days after Actavis (ACT) trumped Valeant's offer for the Botox maker, Reuters reported.

Valeant also said it may buy back up to $2 billion worth of securities, replacing a previous $1.5 billion program under which it didn't buy back and securities.

10. -- Foot Locker (FL) is expected by analysts on Friday to report third-quarter earnings of 79 cents a share on sales of $1.72 billion.

-- Written by Joseph Woelfel

To contact the writer of this article, click here:Joseph Woelfel

Follow @JoeWTheStreet

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