Stocks had a record setting session the day after the mid-term elections. Tesla stock rose in after hours trading after its earnings report. Bobbi Rebell reports.
A post-election rally lifted stocks-with the S&P 500 and the Dow hitting records led by energy and utilitiy shares- the Nasdaq basically flat. After the closing bell Tesla said losses doubled in the third quarter from a year go- because its spending so much to meet demand. Revenue in fact also doubled. The stock rose in after hours trading but Tesla also dramatically cut its profit forecast for the fourth quarter because of production problems. And in the media sector- CBS shares were also higher in after hours trading- after it reported much better-than-expected results- thanks to strength in TV licensing. And News Corp beating expectations and sending its stock higher- despite a slide in revenues from its core newspaper business. Time Warner's profit fell- but the overal earnings were still better than forecasts. The media giant hiked its full-year profit outlook and said revenues were up thanks to improved subscription sales. Energy stocks- got some relief. Investors bought up oil and coal companies -hoping that the Republican takeover of the Senate could lead to faster action on pipelines and put energy exports in new trade agreements. Investors calling off some of their bets on casino stocks - names like Las Vegas Sands, MGM Resorts and Caesars Entertainment getting hit. Reuters exclusively reported that Japanese lawmakers are set to indefinitely postpone their bid to legalize casinos. That makes it unlikely that casinos will be built in time for the 2020 Olympics in Tokyo. Ahead of the monthly jobs report- The ADP private payrolls report showed the economy added more than 200,000 private sector jobs for the seventh straight month in October. Separately, the ISM services index fell for the second straight month. European stocks rose, fueled by strong corporate earnings including retailer Marks & Spencer and reinsurer Hannover Re.