Wal-Mart (WMT) workers just scored a raise. Now retail investors are wondering – are more pay hikes coming?

Wal-Mart is bumping its minimum wage to $10 an hour by next February. That's a big deal in retail. Worker pay is a major piece of retailers' costs. Wal-Mart is the No. 1 retailer. Investors are fearful Wal-Mart's move might raise the pressure on other retailers to bump up their pay. Eight analysts cut their price targets on Wal-Mart after the move, says FactSet. Sure, higher pay might make happier employees and help sales in the future. But it's a hit to profit now.

Investors will see if other retailers talk pay – this week.

Investors will be keying in on the retailers' costs. Expect to hear from department store Dillard's (DDS) on Monday, Home Depot (HD) and Macy's (M) are up on Tuesday. Thursday all sorts of specialty retailers give their results. That includes women's apparel company Chico's (FAS), JC Penney (JCP), Kohl's (KSS), discounter Ross Stores (ROST) and struggling department store Sears (SHLD).

It's not just worker pay investors are watching. Fourth-quarter profits are monumental for retailers. The darling is Ross. Profit is expected to jump 8%. And among the most hated retailers: Sears. Expect another deep loss.

AP

AP