Updated from 7:15 a.m.
NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, May 22:
1. -- U.S. stock futures are sinking as investors wait to hear Federal Reserve Chair Janet Yellen speak Friday afternoon.
European stocks slipped Friday after German Chancellor Angela Merkel met with Greek counterpart Alexis Tsipras, but put a damper on hopes of an early agreement on Greek debt. Markets are also cautious ahead of U.S. inflation figures expected later today. In London, cellphone operator Vodafone (VOD) rose 4.6%, after strong results released earlier in the week continued to prompt merger speculation. Liberty Global's (LBTYA) chairman John Malone has said Vodafone would be a "great fit" for his western European cable operations.
Asian stocks rose, as Tokyo's Nikkei 225 and Hong Kong's Hang Seng showed gains. China's Shanghai Composite was up nearly 3% after a strong week as the markets continue to hope for more stimulus from the government.
2. -- The economic calendar in the U.S. on Friday includes the consumer price index at 8:30 a.m. Federal Reserve Chair Janet Yellen speaks at 1 p.m.
3. -- U.S. stocks on Thursday closed with a new record for the S&P 500 after higher crude oil prices drove energy stocks higher.
4. -- Janet Yellen, the Federal Reserve chair, will speak about the economic outlook on Friday in Providence, R.I. Yellen's every word is normally scrutinized by investors, who are hoping she will hint about when the Fed's interest rates will go up. If economic data is sufficiently strong, Yellen has said she will support raising interest rates. The latest Fed minutes were coy about the timing of the increase.
5. -- Canadian e-commerce and software company Shopify (SHOP) saw its shares rise almost 50% above its initial public offering price on Thursday, its first day of trading. Shopify had already hiked the price of its shares before its debut, initially saying a share would sell for $12 to $14, then $14 to $16, and finally pricing them at $17 a share. The stock closed Thursday at $25.68.
Shopify now trades both on the New York Stock Exchange as SHOP and on the Toronto Stock Exchange as SH. The company provides software to help e-commerce companies manage their online stores and businesses, including accepting payments.
6. -- CVS Health (CVS) is buying Omnicare (OCR) for $12.7 billion, the companies announced Thursday. Analysts and investors have been thinking over the move, which allows retail pharmacy CVS to expand its reach into nursing homes and assisted living facilities. The deal will allow CVS to sell more directly to senior citizens, a growing demographic as Baby Boomers age. Both companies' boards have approved the deal, but Omnicare shareholders will also need to accept it.
CVS stock rose 2.4% on Thursday and is rising 0.11% more in premarket trading. Omnicare stock rose 1.7% on Thursday and rose 0.77% in premarket trading.
Short-term financing company Goldin Financial Holdings and sister group Goldin Properties Holdings both plunged more than 40% on Thursday, though both companies said they were unaware of the reasons for the steep losses. And trading was suspended for shares of solar gear maker Hanergy Thin Film Power after a 47% fall in just 24 minutes on Wednesday. The three companies are controlled by billionaire Li Hejun, who lost $15 billion from Hanergy's drop alone.
Hong Kong marketwatchers didn't see to have an explanation for the losses.