IBM announced its 1982 earnings per share (EPS) for the fourth quarter of 1982 on Friday, January 21, 1983. EPS was up 28 percent from the fourth quarter of 1981. Nevertheless, IBM's stock price dropped by $3.25 to $94.625. Security analysts explained the price drop by noting that an unexpectedly large part of the increase was due to an accounting restatement required by the Financial Accounting Standards Board's order FASB 52. The "true" increase in EPS was thought to be correspondingly less. On Monday, January 24, IBM's stock price dropped by $.75 more, although overall market indexes were down sharply (-2.75 percent). Later in the day, IBM issued a statement clarifying the impact of FASB 52. IBM's EPS would have been just as high under prior accounting rules (FASB 8). "'The confusion on Friday was that we didn't have enough detail,' [said] Barry Tarasoff, an analyst at Goldman, Sachs & Co. WeIl, we got it today, and the fourth quarter looks fine.' On Tuesday, IBM's stock price rose by $2.125. Is this an efficient market at work? Discuss carefully.