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The Food and Drug Administration (FDA) announced this morning that it approved a new drug by Johanson & Johanson Co. (JEU) that cures Covidi- 19
The Food and Drug Administration (FDA) announced this morning that it approved a new drug by Johanson \& Johanson Co. (JEU) that cures Covidi- 19 I\&.'s stock had an abnormal excess return of 4.5% that same day. Which BEST describes this market's reaction to the news? The erarbet dido't care about funding a vaccine for curing Covid-19. Thin markut dida't react rationally to the news. The markent was surpeised by the news and viewed it as beirug an positive. Thin FDAS approvil wirs alnatry anticipated by the maket. Jejs stek will aho likehy rite in value tomortow
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