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QQAG just announced yesterday that its fourth quarter earnings will be 35% higher than last year's fourth quarter. You observe that QQAG had an abnormal

QQAG just announced yesterday that its fourth quarter earnings will be 35% higher than last year's fourth quarter. You observe that QQAG had an abnormal return of -1.7% yesterday. This suggests that

Multiple Choice

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

B. earnings are expected to decrease next quarter.

C. QQAG stock will probably rise in value tomorrow.

D. the market is not efficient.

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

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