A company just announced this morning that it has hired the worlds most prolific and accomplished infectious disease researchers. Before today, the companys stock had been selling at $200. Assuming there is no information in the coming week and the stock market as a whole does not move. What do you expect will happen to the companys stock? Consider the following scenarios:

The stock price jumps to $225 on the announcement day. In the following days, the price goes up to $235 and then falls back to $220.

The stock price jumps to $215 and stays at that level.

The stock price gradually climbs to $220 over the next week.

Which scenario(s) indicate market efficiency or inefficiency? Why?