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PRE-MARKET MOVERS: Macy's shares nudge higher ahead of 2Q earnings, Energen Corp surges on acquisition news

Last updated: 07:41 15 Aug 2018 EDT, First published: 02:41 15 Aug 2018 EDT

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Wall Street shares are poised to head lower at the open and big retail is in focus with Macy's Inc (NYSE:M)  about to publish quarterly earnings. Its shares are up 0.43% to US$42 ahead of the New York bell.

Analysts expect EPS earnings of US$0.51 per share on revenue of US$5.55bn.

Also in focus in pre-market is Energen Corp (NYSE:EGN), which saw shares surge over 7% before the New York bell to US$78.50, after news that it was being acquired in an all-paper deal.

Diamondback Energy (NASDAQ:FANG) announced it was acquiring the oil and gas company for around US$9.2bn, including debt, or US$84.95 per share, which represents a 16.1% premium to Tuesday's closing price of US$73.14.

The all-stock deal is expected to close by the end of the fourth quarter of this year.

Also in focus in pre-market is Agilent Technologies Inc (NYSE:A), which saw shares drop 2.32% to US$65.20 in pre-market deals, as third-quarter earnings impressed.

The firm unveiled a profit of US$0.67 per share, while analysts had expected US$0.63. Revenue matched estimates at US$1.2bn.

Meanwhile, computer tech group Oracle Corp (NYSE:ORCL) shares are down 0.35% to US$48.06 before the bell as it is advising customers to updates its database software due to the potential for a bug to hit servers.

This flaw could "result in complete compromise of the Oracle Database and shell access to the underlying server," it has warned.

Also today, Tencent Holdings Ltd (HKG:0700), the Chinese internet giant, reported second-quarter earnings that missed analyst expectations. EPS came in at 1.89 yuan compared to expectations for 1.98 yuan.

Tencent has a number of business interests, including advertising and gaming, and is the owner of China's largest messaging app, WeChat.

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