Facebook has recently introduced to new feature called Subscribe button using which you can select the kind of updates that you want to receive from your friends as well other Facebook users. Let us say if you do not want to receive your friend’s activity, comments and likes updates then you can unselect these updates from the subscribe option.
Hover the mouse over your Friends name should popup similar window and show below.
Now navigate to the Subscribed button and un tick the updates that you do not want to receive from your friend.
If you do not want to receive any updates from your friend then select the Unsubscribe option.