So I have worked for a fast food company for about 2 years now and had a few questions on whether or not their policies are legal.
1) I work over 40 hours a week and is given one day a week off. On the last week I worked there, I had apparently pulled a "No call, No show." when my schedule was changed last minute and I was not notified. Is this legal to terminate me after my schedule was changed 24 hours prior to my day off, which turned out to not be a day off.
2) When my friend started working at the same place, he started at 6.75 an hour and was given his 40 hours a week as a full-timer. After his initial three months of working, he was given a raise to 7.00 an hour but was forced to only work 20 hours a week. Is this legal?

Yes, it is legal to terminate you for a no call, no show due to a "last minute" schedule change of which you were not notified.

There is also nothing illegal regarding your friend's work hrs. & pay changes.