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 most likely suggests that D E A the market is not efficient because investors completely ignore the news. B Nicholas' stock will probably rise in value next month. investors expected the earnings growth to be higher than 10%, so the 10% growth of earnings is disappointing to investors. investors expected the earnings growth to be lower than 10%, so the 10% growth of earnings is a good news to investors. None of the above choices is correct