I firmly believe that ALL the media (including FOX) is guilty of stretching it out to keep people watching as long as possible. You are correct, NM and Iowa are both firmly in the red state catagory.
To an extent they wanted to avoid any early call meltdowns, unlike in 2000. However, I wouldn't have a problem if they wanted to say that all four of those states were still up for grabs, or that all four were decided. It's the absence of a clear standard that's noteworthy.