P.M. BRIEFING : Murdoch Stock Losses Baffling
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SYDNEY, Australia — Rupert Murdoch’s News Corp. said today it cannot explain the recent plunge in its stock price, which has wiped about $515 million off its market value in the last week.
Company secretary Keith Brodie said the global media group believes the Australian stock market is “fully informed on all material matters concerning the company.”
The stock exchange had queried News Corp. about the sharp slide in its share price to $5.41 Monday from $7.50 on Sept. 24. News Corp. shares bounced up today to close 60 cents higher at $5.91.
No public statements were made that might affect the share price other than Murdoch’s widely reported comments at an investment conference in New York last week, Brodie said.
Murdoch said he is concerned about the group’s high level of short-term debt and will seek to reduce it through increased earnings in the next two to four years.
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