NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, Nov. 5:
1. -- U.S. stock futures were rising Wednesday after Republicans gained control of the Senate and added to their majority in the House of Representatives in mid-term elections on Tuesday.
European stocks rose on the backs of robust corporate earnings. Asian shares ended Wednesday's trading session mixed.
2. -- The economic calendar in the U.S. on Wednesday includes the ADP National Employment Report at 8:15 a.m. EST, and the ISM Services Index for October at 10 a.m.
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3. -- U.S. stocks on Tuesday closed mixed with the S&P 500 sustaining its first two-day losing streak in three weeks. Any investor confidence from last week's record highs was undercut by falling oil prices and global growth concerns.
The S&P 500 slid 0.29% and the Nasdaq slipped 0.33%. The Dow Jones Industrial Average pared earlier losses, gaining 0.1% by market close with its transports and utilities sectors touching record highs.
4. -- Republicans seized control of the Senate in mid-term elections on Tuesday, picking up Senate seats in seven states.
Senate Republican leader Mitch McConnell defeated his Democratic challenger in Kentucky, putting him in position to become the new Senate majority leader. McConnell beat Democrat Alison Lundergan Grimes, the 35-year-old Secretary of State, by 15 points in Tuesday's election.
The GOP was on track in the House to meet or exceed the 246 seats they held during President Harry Truman's administration more than 60 years ago, according to The Associated Press.
With the victories, Republicans take control of Congress for the first time in eight years.
5. -- Tesla (TSLA) , the electric carmaker, is forecast by Wall Street to report on Wednesday a third-quarter loss of 1 cent a share on sales of $889.3 million.
6. -- A federal judge ruled that Valeant Pharmaceuticals (VRX) and Bill Ackman's Pershing Square can vote at Allergan's (AGN) shareholder meeting on Dec. 18.
Valeant and Pershing Square have made several takeover offers for Allergan, but the bids, including Valeant's latest of about $53 billion, have been rejected.
Allergan, the Botox maker, said Tuesday it plans to file an emergency appeal of the judge's ruling.
7. -- Media giant Time Warner (TWX) is forecast to report earnings of 94 cents a share in the third quarter on revenue of $6.16 billion.
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8. -- Toyota (TM) , the world's largest automaker, said profit in its fiscal second quarter jumped 23% and sales rose 4%, getting help from a weaker yen.
The company raised its earnings forecast for the fiscal year ending in March 2015 to 2 trillion yen ($17.5 billion), an increase of 10% from a year earlier.
The maker of the "Call of Duty" video games posted adjusted earnings of 23 cents a share, up from 8 cents a share a year earlier. Analysts were looking for earnings of 13 cents a share.
Revenue soared 78% $1.17 billion from $657 million a year earlier, topping forecasts of $1.01 billion. The company said sales of its "Destiny" and "World of Warcraft" games helped drive the revenue gains.
The company raised its full-year 2014 earnings forecast.
10. -- Pimco said it saw withdrawals in October of $27.5 billion from its flagship Pimco Total Return Fund.
The world's biggest bond mutual fund has seen a large increase in outflows since Bill Gross surprisingly resigned from the firm in late September.
The fund now has $170.9 billion in assets, down from its 2013 peak of $293 billion, the firm said.
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-- Written by Joseph Woelfel
To contact the writer of this article, click here:Joseph Woelfel