In "What's Ahead on Wall Street" for Friday, Feb. 26, Foot Locker (FL) - Get Foot Locker, Inc. Report and J.C. Penney (JCP) - Get J. C. Penney Company, Inc. Report will report quarterly results. Investors will be particularly interested in seeing how J.C. Penney has been doing.

Wall Street's estimates are for profits of $0.23 a share on revenue of about $4 billion. Both the top and bottom line are expected to be higher than a year ago.

Investors will be monitoring the company's improvements and looking at same-store sales. Analysts believe e-commerce sales at J.C. Penney will be weak compared with some of its rivals.

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Molly Henningsen, research analyst for CNBC's "Mad Money," said, "When J.C. Penney reports on Friday, investors will be focused on their outlook for 2016. They had a pretty successful holiday season compared to other retailers. They posted a 3.9% increase in holiday sales but they had a choppy January. So investors will want to get an understanding of their prospects for the rest of the year.

"We'll also be looking for an improvement in operating gross margins and inventory levels that haven't outpaced revenue."

In addition to earnings reports, there are several important items on Thursday's economic calendar. The day begins with GDP and personal income and spending, followed by consumer sentiment at 10 a.m. ET. At 10:15 a.m. Federal Reserve governor Jerome Powell and San Francisco Fed president John Williams will be speaking on panel in New York.

TheStreet's U-Jin Lee reports from Wall Street.