in an efficient market, the price of a security will:

a	rise sharply when new information is first released and then decline to a new stable level by the following day.
b	always rise immediately upon the release of new information with no further price adjustments related to that information.
c	react immediately to new information with no further price adjustments related to that information.
d	react to new information over a two-day period after which time no further price adjustments related to that information will occur.
e	be slow to react for the first few hours after new information is released allowing time for that information to be reviewed and analyzed.