On November 8, 2012, the day of Manulife’s third quarter earnings release, the company’s share price fell 18 cents to $11.82. On the same day, the S&P/TSX Composite Index fell to 12,197.05 from its open at 12,227.85. Manulife’s beta, per Reuters Finance at the time, was 1.48. Assume that the daily risk-free interest rate was effectively zero. Assume securities markets efficiency. Also assume that no other significant firm-specific information about Manulife became available on November 8. As evidenced by its share price performance, did the market approve or disapprove of Manulife’s calculation of core earnings? Explain, and show calculations.