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.
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.