Netflix Offers New Parents One Year of Paid Leave

The Dow closed in the red after gaining 110 points earlier in the day. Much of the loss due to Disney weakness; the entertainment giant is still feeling the hangover effects from a weaker outlook for its cable properties. The Nasdaq and S&P 500, however, closed in the green.

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Three big names reported quarterly earnings after the bell including Fox Business parent company 21st Century Fox, along with electric car company Tesla and Fitbit. Twenty-First Century Fox share gained nearly 7% after hours. Tesla fell after cutting annual delivery projections, and Fitbit fell more than 10% after a mixed outlook and rising expenses.

Netflix was the star stock Wednesday. The video streaming giant hit an all-time high after announcing it will offer new parents one year of unlimited, paid parental leave. Netflix says it is an important perk that will help with employee retention.