Last week, TheStreet's Jim Cramer, manager of the Action Alerts PLUS portfolio, told his "Mad Money" viewers that he'd be watching Walgreens Boots Alliance (WBA) , which reports earnings Wednesday before the open.

It seems like forever ago when Walgreens announced it was buying Rite Aid (RAD) , Cramer said. At this point, though, he just wants to see something happen, whether that means the deal falls apart or finally gets regulatory approval.

If the deal falls through, Walgreens will suddenly have plenty of cash that it can put to work through a share repurchase plan. But it's also got a leg up on its competition. Since the announcement, performance at Rite Aid has slipped, Cramer said. That means if the two companies remain separate, Walgreens has an even stronger business, thanks to Rite Aid's underperformance.

Additionally, Walgreens isn't having the same issues that CVS Health (CVS) is struggling through, Cramer said.

So in the end, Walgreens is a winner, even though it hasn't treated the Action Alerts PLUS portfolio too well. In this case, patience is important, he concluded.

Analysts expect Walgreens to earn $1.36 per share on $30.24 billion in sales for the most recent quarter.

At the time of publication, Cramer's Action Alerts PLUS had a position in WBA. 

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