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Nicholas Manufacturing just announced yesterday that its fourth quarter earnings will be 10% higher than last year's fourth quarter. Nicholas had an abnormal return of

Nicholas Manufacturing just announced yesterday that its fourth quarter earnings will be 10% higher than last year's fourth quarter. Nicholas had an abnormal return of -1.8% yesterday. This suggests that

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

the market is not efficient

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

earnings are expected to decrease next quarter

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