  The magnetic and transport properties of La_{0.5}Sr_{0.5}CoO_{3-\delta} film
grown on a LaAlO_3 substrate by pulsed-laser deposition are studied. The
properties are found to be influenced by the magnetic anisotropy and
inhomogeneity. Magnetoresistance anisotropy is determined by the shape
anisotropy of the magnetization and the strain-induced magnetic anisotropy due
to the film-substrate lattice interaction. Indications of the
temperature-driven spin reorientation transition from an out-of plane orderded
state at low temperatures to an in-plane ordered state at high temperatures as
a result of competition between the mentioned sources of magnetic anisotropy
are found.
