Nicholas Manufacturing just announced yesterday that its 4th quarter earnings will be 10% higher than last year's 4th quarter. You observe that Nicholas had an abnormal return of-1.2% yesterday. The most likely explanation for the negative abnormal return is: O the market is not efficient. investors expected the earnings increase to be larger than what was actually announced. the market had a negative return on the announcement day. investors expected the earmings increase to be smaller than what was actually announced