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Avago Earnings, Economic Data: What to Watch on Wall Street May 28

On Thursday May 28th we await earnings results from Abercrombie & Fitch (ANF), Express (EXPR), Pacific Sunwear (PSUN), GameStop (GME), Ulta (ULTA), and Avago Technologies (AVGO).

In Thursday's What to Watch on Wall Street, TheStreet highlights the notable earnings reports due out along with the key economic data to keep an eye on throughout the trading day on May 28. The six companies reporting their latest quarterly financial results include teen apparel retailer Abercrombie & Fitch Company (ANF), Express Inc (EXPR), Pacific Sunwear of California, Inc. (PSUN), GameStop Corporation (GME), Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA), as well as analog semiconductor devices maker for smartphones Avago Technologies Ltd (AVGO). 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 the bellwether stock that will help determine how the 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 data. On the economic calendar, we point out four key data to watch. They include the 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 housing activity in the country. Specifically, it is a leading indicator of existing home sales, not new home sales. Additionally, the Energy Information Administration releases its weekly petroleum status report on petroleum inventories in the U.S. We also note the Fed balance sheet. The balance sheet report shows factors supplying reserves into the banking system and factors using reserve funds. TheStreet's Kurumi Fukushima reports in New York.

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