Another busy earnings day Wednesday. Before the bell will be earnings from a Walgreens Boots Alliance (WBA) - Get Report , GlaxoSmithKline (GSK) - Get Report , Mondelez International (MDLZ) - Get Report , Fiat Chrysler (FCAU) - Get Report , Hilton Worldwide (HLT) - Get Report and Hershey (HSY) - Get Report . After the market closes Amgen (AMGN) - Get Report , PayPal (PYPL) - Get Report and Buffalo Wild Wings (BWLD) report.

Walgreens Boots Alliance is in the spotlight on news it may try to buy rival drugstore chainRite Aid (RAD) - Get Report . Analysts expect Walgreens to report fiscal fourth-quarter earnings of 81 cents a share on revenue of about $28.5 billion. Year-over-year, both earnings and revenue are predicted to increase.

So far, the company has benefited from the merger between Walgreens and Boots Alliance. Walgreens acquired Alliance Boots for $9.3 billion in cash and 227.7 million shares between 2012 and 2014. For the latest quarter, investors will be listening for any updates on its future merger plans. This brings us back to Rite Aid. According to The Wall Street Journal, a deal is expected to be announced on Wednesday.

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TheStreet's Scott Berman, portfolio analyst for Action Alerts PLUS, which has Walgreens as a holding, said investors "are really going to be paying attention to the Walgreens report because there has been a lot of concern over the reimbursement pressure that has been driving down margins in that space." He added investors should look for commentary on the outlook for next year. Overall, the company has been focusing on building their customer rewards program and building the sales of their higher margin , higher growth branded health and beauty products.

On the economic calendar, MBA mortgage applications data will be released at 7 a.m. ET followed by the weekly oil inventory data. At 2 p.m. ET, comes the report of the Federal Open Market Committee. Economists are expecting the Fed to hold off on raising interest rates due to sluggish inflation and concerns about the global economy.