Updated from 7:15 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, May 15:
Asian stocks were mixed, as Japan's Nikkei 225 and Hong Kong's Hang Seng posted strong gains. China's Shanghai Composite fell after rising for a week.
2. -- The economic calendar in the U.S. on Friday includes the Empire State manufacturing survey from the New York Federal Reserve at 8:30 a.m., industrial production data at 9:15 a.m., consumer sentiment numbers at 10 a.m., and e-commerce sales data at 10 a.m.
3. -- U.S. stocks on Thursday rallied to a record high for the S&P 500. The dollar weakened and Treasury yields leveled off.
4. -- Avon (AVP - Get Report) saw its stock jump 20% on Thursday when a filing with the Securities and Exchange Commission said a private equity firm was making a bid to buy the beauty products company. However, the filing was a ruse, presumably to goose the stock so manipulators could make a quick profit. Trading on Avon was briefly halted.
Many companies have constructed computer programs to scour the SEC's site and other Web sites to trade on news and filings, so the response to the fake filing was both instantaneous and large. The SEC has a limited range of responses to such moves, and has even fewer options if the filing was made from overseas. More investigations will follow.
Avon stock was falling by 1.41% in premarket trading.
5. -- Streaming video company Netflix (NFLX - Get Report) is in talks with Alibaba's (BABA - Get Report) Jack Ma and others to expand to China, according to reports. China's online video market is estimated to be worth $5.9 billion, with a potential audience of 1.4 billion people. Netflix had already announced its intention to further expand internationally.
Netflix may forge a partnership with Shenzhen-traded Wasu Media. Most foreign companies working in China do so via local partnerships due to trade restrictions. The company would also face local competition.
In premarket trading, Netflix stock was rising 3.77%. Alibaba stock was up 0.25%.
6. -- When eBay (EBAY - Get Report) spins off its PayPal payments unit later this year, the separate company will trade under the PYPL ticker on the Nasdaq, eBay announced. The ticker is the same one PayPal used before it was acquired by eBay in 2002. The newly independent company will look to create partnerships with other online merchants like Amazon (AMZN - Get Report).
In premarket trading, eBay stock was up 0.15%.
7. -- European stocks gained as European Central Bank chief Mario Draghi said the bank would continue its stimulus measures. Quantitative easing will go on "as long as needed," Draghi said. He also said the policy's goals were to lower the cost of borrowing for companies, entrepreneurs and consumers.
8. -- When Chicago had its bond rating cut to junk by the Moody's credit rating agency on Tuesday, it not only hurt the city's chances for borrowing money cheaply, it created a split in bond ratings, since Standard & Poor's maintained a high rating for the city's bonds. The six-step spread between the bond ratings of the two agencies was unprecedented. However, S&P has now also lowered its credit rating for Chicago, although not to the junk level.
Standard & Poor's said Thursday that Chicago's bonds would be downgraded to A- from A+. The new rating is lower but it is still investment grade. Detroit is the only other large American city with a junk bond rating.
S&P's lower rating on Chicago's bonds will make it harder for the city to claim that it has been mischaracterized. The lower bond ratings were prompted by an Illinois Supreme Court decision that the city will not be able to lower its pension obligations as it had hoped.
9. -- Pacific Investment Management, known as Pimco, will close two funds as its equities investment chief Virginie Maisonneuve will leave the firm next month. The funds focused on emerging markets and value stocks. The company appears to still be sorting out its future after the departure of star bond manager Bill Gross last fall.