any shareholders here?, page-3

Catching up on yesterday's newspapers, I came across this item in The Age, which might explain the plunge in PRT. The whole sector has the wobbles.
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Shares in free-to-air broadcaster Nine Entertainment Co have taken a massive hit, following an after market downgrade to profit guidance on Friday, while Seven West Media has moved to quell any fears it will follow suit by reaffirming its profit guidance.
Nine shares opened trade on Tuesday down 14.4 per cent and at 2.49pm (AEST) were down 16.3 per cent at $1.6625.
Late on Friday, Nine said that it expected earnings before interest, taxes, depreciation, and amortisation to be between $285 million and $290 million, down from $311 million forecast in November.
"This reduction in earnings outlook reflects a softer than anticipated free-to-air market in the second half, which is now expected to be in low single-digit decline, driven by particularly soft conditions in May and June," Nine said in a statement.
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The momentum in the market on Tuesday was a drag on much of the media sector, with rival Seven West Media slipping 13.3 per cent to $1.0275, while Fairfax Media dropped 2.1 per cent to 93¢.
Ten Network Holdings bucked the trend, adding 2.1 per cent to 24.5¢.
Seven, on Tuesday, moved to calm the market, reaffirming its guidance for underlying net profit after tax between $205 million and $215 million, which it provided in February."
PRT is a lot less liquid and may take longer to bounce back, assuming there are no skeletons in any cupboards.
Nine's weekly graph shows the cliff.


C.S