Sue spends her free time analyzing financial statements of companies. Mike spends his free time analyzing stock price patterns. Sue earns excess returns in the stock market based on her research, but Mike does not. This implies that the stock market is:

a. Weak Form Efficient, but not Semi-Strong or Strong Form Efficient

b. Semi-Strong Form Efficient

c. Strong Form Efficient, but not Semi-Strong Form Efficient

d. Strong Form Efficient but not Weak Form Efficient