Paul Richards Market Quotations

What we've seen is that Warner and Seagram have produced figures that indicate their exposure to the music market has been poor and everyone had assumed that EMI would be equally affected,

There is an element to that. The AOL-Time Warner deal must go through; it's $200 billion (in terms of the combined company's market value), whereas the EMI deal is a $20 billion joint venture.

The shares have had a good run, but numbers are at the bottom range of expectations and people were pricing upgrades into the market and those haven't been delivered.

The shares have had a good run but numbers are at the bottom range of expectations and people were pricing upgrades into the market and those haven't been delivered.

A good set of results. The market will like the buyback.