Music Doctors just announced yesterday that its first quarter sales were 25% lower than last year's first quarter. You observe that Music Doctors had an abnormal return of +3% yesterday. This suggests that ___________.

investors expected the sales decrease to be larger than what was actually announced

the market is not efficient

investors expected the sales increase to be larger than what was actually announced

earnings are expected to decrease next quarter

investors expected the sales increase to be smaller than what was actually announced