Macy's is expected to swing to a first-quarter profit of 4 cents a share from a year-ago loss of 16 cents a share, according to a poll of analysts by Thomson Reuters. Sales should come in at $5.54 billion. The stock is up roughly 30% since its last quarterly report.
Cisco, meanwhile, will report quarterly results after the close of trading Wednesday. Analysts are looking for a fiscal third-quarter profit of 39 cents a share on revenue of $10.23 billion, according to Thomson Reuters. Investors will be watching for remarks from CEO John Chambers on the economic recovery.
Also on the earnings front, Cache (CACH) and Deutsche Telekom (DT) will post earnings ahead of the opening bell Wednesday, while Whole Foods (WFMI) and DryShips (DRYS) will open their books on the recent quarter after the end of trading.Away from earnings, investors will be watching the latest mortgage applications and rates data, due at 7 a.m. ET, as well as the March trade deficit, due at 8:30 a.m. ET. Later Wednesday, the Treasury will release the federal budget for April at 2 p.m. ET. Elsewhere, several members of the Federal Reserve will be speaking Wednesday, including Boston Fed President Eric Rosengren, Atlanta Fed President Dennis Lockhart, and St. Louis Fed President James Bullard. Investors will also watch a $24 billion auction of 10-year Treasury bonds, as well as a hearing on the Gulf of Mexico oil spill held by the House Energy and Commerce subcommittee. -- Written by Robert Holmes in Boston. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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