This comes after Twenty-First Century Fox withdrew its $80 billion bid for Time Warner late on Tuesday and instead authorized a $6 billion repurchase of its Class A shares. Fox will also post earnings on Wednesday, after the close of trade.
Investors should keep an eye on shares of Walgreen, which announced a $10 billion deal to buy its remaining stake in U.K. drugstore chain Alliance Boots on Wednesday morning.
Also on Wednesday morning, Walgreen posted earnings per share of 91 cents, up on earnings 85 cents in the year-ago quarter. Quarterly sales increased 5.9 percent over year-ago quarter to $19.4 billion.
Shares in Walt Disney Co. wavered in after-hours trading after it reported quarterly earnings and revenue that beat analysts' expectations late on Tuesday. CEO Bob Iger told CNBC he would not consider a tax inversion deal, even though Disney pays a high rate of corporate tax.
Sprint is abandoning its pursuit of T-Mobile US—which would have created a U.S.rival to Verizon—as the regulatory challenges of the deal are said to be too steep. This comes one day after the U.S. telecoms group rejected a rivalbid from France's Iliad.
Amazon said on Wednesday that it was expanding its same-day delivery to six more cities—Baltimore, Dallas, Indianapolis, New York City, Philadelphia and Washington DC.
Apple shares will be worth watching, after Samsung Electronics announced it was dropping all patent lawsuits with the tech giant outside the U.S.