NEW YORK (TheStreet) -- In "What to Watch on Wall Street," TheStreet highlights the earnings reports of note due out along with the key economic data to keep an eye on throughout Thursday's trading day.
Among the companies reporting their latest quarterly financial results are teen apparel retailer Abercrombie & Fitch Co. (ANF) - Get Report, Express (EXPR) - Get Report, Pacific Sunwear of California (PSUN) , GameStopCorp. (GME) - Get Report, Ulta Salon, Cosmetics & Fragrance (ULTA) - Get Report, as well as Avago TechnologiesLtd. (AVGO) - Get Report, an analog semiconductor device maker for smartphones.
Avago is scheduled to release its second-quarter earnings results after the market closes on Thursday. TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS Charitable Trust Portfolio, says he's watching Avago earnings, and calls it a bellwether stock that will help determine how other higher-performing chip stocks will do.
The smartphone semiconductor company is expected by Wall Street analysts to rake in a profit of $2.01 per share on revenue of about $1.635 billion for its second quarter, according to Thomson Reuters.
On the economic calendar, four key data sets will be released, including a report of weekly jobless claims as well as the pending home sales index for April. The National Association of Realtors developed the pending home sales measure as a leading indicator of the country's housing activity -- specifically tallying existing homes not new ones. Additionally, the Energy Information Administration releases its weekly status report on petroleum inventories in the U.S. Plus there will be the Fed balance sheet report showing factors supplying reserves into the banking system and factors using reserve funds.
TheStreet Ratings team rates Avago Technologies as a buy with a ratings score of A-.
TheStreet Ratings Team has this to say about its recommendation:
"We rate AVAGO TECHNOLOGIES LTD (AVGO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, expanding profit margins, good cash flow from operations, increase in net income and solid stock price performance.We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: AVGO Ratings Report