What to Watch Wednesday: Costco Earnings, Starbucks Investor Day

On Wednesday, December 7, investors await quarterly results from Costco (COST) - Get Report and Starbucks' (SBUX) - Get Report annual investor day. Analysts expect Costco to post earnings of $1.20 a share on sales of $28.29 billion. During the same quarter a year ago, the company posted per share earnings of $1.09 a share on revenue of $27.2 billion. Plus, Starbucks is holding its annual investor day. This is particularly important as its long-time CEO Howard Schultz announced last week that he is stepping down in 2017 to be replaced by current Chief Operating Officer Kevin Johnson. Other notable earnings include Lululemon Athletica (LULU) - Get Report and Brown Forman (BF.B) . On the economic calendar, the JOLTS report is out at 10 a.m. EDT for October, while the weekly EIA Petroleum Status report is released at 10:30 a.m. TheStreet's Scott Gamm reports from Wall Street.