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

On Wednesday, May 27 we await quarterly results from Michael Kors (KORS), Tiffany & Co. (TIF), Toll Brothers (TOL), DSW (DSW), Costco Wholesale Corp (COST), and Palo Alto Networks (PANW).
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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.