Costco Earnings, Housing Data: What to Watch on Wall Street May 27

On Wednesday, May 27 we keep an eye on six companies that are scheduled to report their quarterly financial results as well as a couple of economic data to watch on Wall Street. The notable earnings for the day include Michael Kors Holdings Limited (KORS), Tiffany & Co. (TIF), Toll Brothers Inc (TOL), DSW Inc (DSW), Costco Wholesale Corp (COST), and Palo Alto Networks Inc (PANW). In the morning, warehouse superstore Costco is scheduled to release its fiscal third-quarter financial results before the market opens. TheStreet’s Jim Cramer believes Costco may be an opportunity going into the quarter, saying it’s a very strong company that’s been down for quite a long time. Analysts are expecting a continued improvement from a year ago. The consensus estimate calls for a profit of $1.16 cents per share on revenue of around $26 billion for the first quarter, according to Thomson Reuters data. On the economic calendar, we note mortgage applications figures from the Mortgage Bankers' Association to get a feel for housing demand, as well as economic momentum. Also, we keep an eye on the Redbook, a weekly indicator of consumer spending. It measures comparable store sales at chain stores, discounters, and department stores. TheStreet's Kurumi Fukushima reports in New York.