Traders warned that some of yesterday's share price rise was due to fund managers hastily buying News Corp stock to cover short positions. Analysts viewed the third-quarter result as evidence that News Corp was retreating from the overzealous growth strategy it had pursued in recent years, such as its ill-fated play for United States satellite broadcaster DirecTV. "They're really coming through with fiscal discipline," said J.P. Morgan's News Corp analyst, Oliver Anstead. "They're not buying anything, they're paying down debt and they're getting their balance sheet into shape."