Big Lots Earnings, GDP: What to Watch on Wall Street May 29

For Friday, May 29 TheStreet highlights two notable companies reporting their quarterly financial results as well as a few economic data to watch on Wall Street. On the notable earnings front, keep an eye on Big Lots Inc (BIG) and Genesco Inc (GCO). Both companies are scheduled to release their quarterly financial results before the market opens early Friday morning. Nashville-based Genesco is a retailer and wholesaler of footwear, apparel and accessories that operates in five segments. Discount retailer Big Lots is the last of the mega retailers to report. For the first quarter, Wall Street is expecting Big Lots to post a profit of 59 cents per share on revenue of $1.28 billion. The Ohio-based company sells a wide variety of merchandise including toys, furniture, clothing, and housewares. The closeout retailer operates roughly 1,495 stores in 48 states throughout the U.S. The company operates in seven merchandise categories. TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio, says he's keeping an eye on Big Lots earnings, saying the company has been 'rumored to be in talks.' He added that the company is worth 'a lot more because it's in the sweet spot.' On the economic calendar we note the preliminary first quarter GDP, the ISM Chicago survey, and the consumer sentiment index to wrap up the week. GDP, or gross domestic product, is the broadest measure of aggregate economic activity and encompasses every sector of the economy. First-quarter GDP is expected to move from an initial reading of plus 0.2% to a contractionary negative 0.8%. For the latest financial news and updates from Wall Street, check back on TheStreet.com throughout the day. TheStreet's Kurumi Fukushima reports in New York.