(Reuters Finance New...

(Reuters Finance New Zealand)

http://au.dailynews.yahoo.com/finance/20030121/reutersfinancenz/1043116261-1343217697.html

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Tuesday 21 January 1:31 PM


PBLslides on downgrade talk

SYDNEY, Jan 21 (Reuters) - Australian media tycoon Kerry Packer's Publishing and Broadcasting Ltd's stock slid nearly five percent on Tuesday on talk that prominent broker Merrill Lynch was about to downgrade the group's earnings outlook.

It fell as much as 42 cents, or 4.8 percent, to a five-week low of A$8.25, but recouped some losses in early-afternoon trade to stand 25 cents, or 2.9 percent, down to A$8.42 as 2.6 million shares changed hands.

Merrill Lynch was not immediately available for comment but brokers were consistent in their comments that the investment house was about to lower its expectations of the group on the belief PBL will report a flat first half.

PBL has said it expects its media business to post double-digit earnings growth in fiscal 2003.
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