Nov 7 - President Obama wins four more years in office, focus now turns to the looming fiscal cliff.
Ahead Obama is big and tight end Todd fired but not up in smoke. Clear the air later in the show. -- the industry has this Wednesday from Reuters world headquarters in New York our power player of the day. The commander in chief. Brack Obama taking the White House it's surprising fashion winning more than 300 electoral votes including nearly every battleground state. The only hotly contested state lost North Carolina. While results and not official -- that he means there. Romney conceding at about 1 AM Wednesday. President Obama to congratulate him on his victory. His supporters and his campaign. Also deserve congratulations. I wish all of them well but particularly the president the First Lady and their daughters. This is a time of great challenge for America. And I pray that the president will be successful. In guiding our nation. -- Yeah. The stock market it's not exactly cheering the result Dow NASDAQ S&P 500 futures were all down about 1% earlier. Right now the market openings signaled down 1%. The focus now shifts to the fiscal issues facing the country like our daily digit sixteen trillion dollars the national debt. First order of business addressing the tax increases and spending cuts didn't go into effect less there is another deal in Washington. Some fear politicians near scare before they will take decisive action. What I'm afraid of is that it is going to take. I've -- I think disrupted -- by equity prices in water to prompt Washington. Into coming up with a solution. That is acceptable both politically and economically. Conflict in Washington. On fox news network analyst Karl Rove taking issue with the channel for giving Ohio to President Obama. When he thought the state would still go Romney's way. One thing that's not controversial about the network its financial prowess the channel strong performance helping parent company news court. Post a profit that beat expectations. Gains FX also helping the bottom line. Something for Romney supporter Rupert Murdoch to smile about today. Shares closing in on their -- twelve high at 2550 hit last month. Another media giant Time Warner posted a strong third quarter profit of 830 million or 86 cents a share beating the average estimate. Credit its cable TV unit HBO TNT and TBS among its networks CNN as well. Which -- 4% revenue growth from cable operator fees it's filming unit dropped 12% or 400 million from a year earlier the big change. No Harry Potter film this year to magically boost profit. Shares closed at 4311 on Tuesday and are now at about 4390. And finally blowing smoke is part of any election no where morning Colorado and Washington State -- became the first US states. To legalize the possession and sale of marijuana for recreational use. The outcomes in both states which already have laws on the books legalizing pot for medical purposes. -- Colorado Washington and conflict with the federal government which classifies marijuana as an illegal narcotic. Said Colorado governor John Hickenlooper. Who opposed the measure quote. Federal -- still says marijuana is an illegal drugs that don't break cappuccinos of the goldfish too quickly. We also have no word on whether the magazine high times just went up and you. That's the latest -- three times where this Wednesday you -- follow us on Twitter at Reuters Insider and check out our way to channel at Reuters dot com slash Reuters TV. I'm Lisa Bernhard this is.