  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 a combined influence of the magnetic
anisotropy and inhomogeneity. Magnetoresistance anisotropy is determined by the
shape anisotropy 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 anisotropy sources are found.
