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. This suggests that: A. the market is not efficient. B. investors expected the earnings increase to be larger than what was actually announced. C. Nicholas' stock will probably rise in value tomorrow. D. investors expected the earnings increase to be smaller than what was actually announced. E. earnings are expected to decrease next quarter.