Jim Cramer Is Watching Macy's Q3 Earnings Results Wednesday

TheStreet's Jim Cramer is keeping an eye on Macy's (M) Wednesday when the retailer releases its third quarter earnings results before the opening bell. Analysts polled by Thomson Reuters are expecting the department store chain to post earnings of $0.53 a share on $6.09 billion in revenue for the quarter. Cramer says, 'I think Macy's numbers are going to be very difficult but I think a lot of people have cut numbers ahead of it. So what typically happens in these situations is that if the numbers are as bad as everyone says, you actually get a bounce. Macy's does have a 3 percent yield, Macy's is down from $72, Macy's is a very important business for the U.S. economy, they do a good job, Terry Lundgren is good but remember they do have the wrong weather so I'm watching Macy's as the key to the next leg of the entire retail section of the market.' Shares of Macy's are down 28 percent year-to-date.