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Market Preview: A Warning Signal

Tickers in this article: SPY ^DJI ^GSPC ^IXIC WSM CSCO SPLS

Aside from the actual results though, UBS will be looking for color on what kind of benefit Staples is seeing from its restructuring efforts.

"This will be the first opportunity to get a more detailed debriefing of SPLS recently announced strategies to improve its business," the firm said. "The co. has a plan to achieve $250 mm in pre-tax cost savings by end of '15. The market has been anxiously awaiting to hear how these savings will be achieved, but also how much will be shared with equity holders. If the full amount dropped to the bottom-line, it would translate to $0.25 of EPS accretion (providing ~20% accretion)."

Check out TheStreet's quote page for Staples for year-to-date share performance, analyst ratings, earnings estimates and much more.

Williams-Sonoma(WSM) is also releasing its numbers on Wednesday with Wall Street calling for a profit of 45 cents a share on revenue of $921.8 million in the third quarter.

UBS said it's expecting a "solid" performance from the company with the potential for upside to the 45-cent a share estimate, which is based on a forecast for 2% growth in same-store sales. The firm, however, kept a neutral rating on the stock and cut its price target to $43 from $47, saying it thinks a strong performance is already baked into the stock price.

" With the shares up 20%+ since reporting in late August and its P/E and EBITDA multiples now trading at a premium to 2-year averages, we think some of this outperformance is priced in," UBS said. "The company has the momentum at its side, but would we be more judicious with timing a buying opportunity."

Arguing that the shares have priced in "a beat and a raise," UBS said Williams-Sonoma has to, at the very least, add any upside in the third quarter to its full-year forecast.

"The outlook for the holidays will gain more credibility if WSM was able to generate a nice WS brand comp in 3Q (we are modeling a 1% increase)," the firm added. The shares closed Tuesday at $46.05, up nearly 20% so far in 2012.

Also slated to report on Wednessday are Abercrombie & Fitch (ANF) , AGCO Corp. (AG) , Bluegreen Corp. (BXG) , DryShips(DRYS) , FriendFinder Networks (FFN) , Hot Topic (HOTT) , Limited Brands (LTD) , Millipore(MIL) , NetApp(NTAP) , New Frontier Media (NOOF) , Petsmart(PETM) , Retalix(RTLX) , Spectrum Brands (SPB) , Tyco International (TYC) , and

Wednesday's economic calendar is pretty packed with the Mortgage Bankers Association's weekly mortgage application activity index at 7 a.m. ET; retail sales for October at 8:30 a.m. ET; the producer price index for October at 8:30 a.m. ET; business inventories for September at 10 a.m. ET; and the release of the minutes of the Oct. 23-24 policy meeting of the Federal Open Market Committee at 2 p.m. ET.