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Rump Hotels just announced yesterday that its 4th-quarter earnings will be 10% higher than last year's 4thquarter.You observe that Rump Hotels had an abnormal return

Rump Hotels just announced yesterday that its 4th-quarter earnings will be 10% higher than last year's 4thquarter.You observe that Rump Hotels had an abnormal return of -1.2% yesterday.This suggests that

a. The market is not efficient

b. Rump Hotels stock price will probably rise in value tomorrow

c. Investors expected the earnings increase to be smaller than what was actually announced.

d. Investors expected the earnings increase to be larger than what was actually announced

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