NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, Oct. 16:
European stocks rose, following Asia higher, ahead of third-quarter GPD figures from China on Monday.
2. -- The economic calendar in the U.S. on Friday includes Industrial Production and Capacity Utilization for September at 9:15 a.m. EDT, the University of Michigan Sentiment Index for October at 10 a.m., and the Job Openings and Labor Turnover Survey for August at 10 a.m.
The S&P 500 closed up 1.5% on Thursday, the Dow Jones Industrial Average added 1.3%, and the Nasdaq gained 1.8%.
Chinese e-commerce giant Alibaba said it would offer $26.60 per Youku Tudou American depositary receipt for the nearly 82% of Youku Tudou it doesn't already own. The offer represents a 30% premium to Youku Tudou's closing Thursday of $20.43. The deal values Youku Tudou at about $4.2 billion.
"Digital products, especially video, are just as important as physical goods in e-commerce, and Youku's high-quality video content will be a core component of Alibaba's digital product offering in the future," said Alibaba CEO Daniel Zhang.
5. -- General Electric posted third-quarter adjusted profit of 29 cents a share, above analysts' estimates.
GE said Friday its third-quarter industrial operating profit rose 5% to $4.5 billion.
Revenue of $26.2 billion came in below forecasts.
6. -- Daily fantasy sports sites were ordered out of Nevada by regulators unless they get a gambling license, a decision that's likely to be closely watched by other states that allow gambling, The Associated Press reported.
DraftKings and FanDuel both pulled out of Nevada by Thursday evening.
The decision from the Nevada Gaming Control Board allows for daily fantasy sports in the state as long as the operator has or gets a gambling license. No one operating a daily fantasy site has one, according to the AP.
The decision comes amid growing backlash by regulators and investigators, including New York's attorney general, after it was revealed employees often played on competing sites, raising questions about possible insider information being used to win.
The parent of Taco Bell, KFC and Pizza Hut also announced that its board and management are nearing an end of a review of strategic options, including those related to its structure, and will release their conclusions "shortly."
Given the stock's 19% decline in response to lackluster third quarter earnings on Oct. 7, executives may be feeling pressured to announce value-creating actions such as spinning off its KFC and Pizza Hut operations in China before a Dec. 10 investor day.
"This has been a comprehensive, year-long process, working with our financial and legal advisors, and we are near its conclusion," said Yum! Brands CEO Greg Creed in a statement.
Meister is the founder and managing partner of Corvex Management, one of Yum!'s largest shareholders with nearly 5% of the company's common stock.
8. -- McDonald's (MCD - Get Report) is close to deciding what, if anything, to do with its vast U.S. real-estate holdings, board member Miles D. White said in an interview Thursday with The Wall Street Journal.
McDonald's board and management haven't made a decision yet, but "we have had a lot of review and a lot of debate," said White, CEO of Abbott Laboratories and head of the corporate-governance committee for McDonald's board.
McDonald's long has emphasized the importance of owning its property. But with its sales slumping recently, some investors and analysts have called for it to spin off the U.S. holdings, likely as a real-estate investment trust, saying it would benefit shareholders, the Journal noted.
The chipmaker posted revenue of $1.06 billion, which topped Wall Street forecasts.
10. -- Honeywell reported earnings Friday of $1.57 a share on an adjusted basis. Analysts were expecting earnings of $1.55.
Revenue was $9.61 billion in the period, which fell short of Street forecasts.
Honeywell said it expects full-year earnings to be $6.10 a share on revenue of $38.7 billion.