Macy's (M) and American Eagle Outfitters (AEO) are up next to report earnings, but Sucharita Kodali has a muted outlook for both retailers. Macy's faces stiff competition from e-commerce and changing consumer habits, while American Eagle grapples with a challenging mall environment and intense fashion industry competition. Kodali will be watching for signs of e-commerce growth and Q4 guidance from Macy's, as well as inventory management and Q4 expectations from American Eagle.