BUZZ-Sky: erases gains on disappointing call, profit taking

** Sky (LSE: BSY.L - news) erases a 5 pct gain made at the open to trade broadly flat

** Results beat across the board but traders say some negatives on firm's conference call as well as more general profit taking

** Co suggested FY17 consensus may be too low, citing a healthy UK broadband market, but trader notes belief runs contrary to Talktalk's warning over a weaker market

** Also signs of major shareholder selling: 16.7m shares traded in a single block at 1150p (1.6 pct of entire free float), trader at a bulge bracket bank says a fund-to-fund transaction. Shareholder chart: http://link.reuters.com/fuk35w

** Trade primary reason for stock's huge volume on Wednesday (nearly 7 times daily average)

(RM (LSE: RM.L - news) : alasdair.pal.thomsonreuters.com@reuters.net)