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You observe that nicholas stock lost 5 of its value after

Nicholas Manufacturing announced yesterday that its fourth quarter earnings will be 10% higher than last year's fourth quarter. You observe that Nicholas stock lost 5% of its value after making this announcement, while the market was up 1%. Explain how this counter-intuitive price movement could happen (and make sense) if the market is semi-strong efficient. Please explain your answer.

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Business Management: You observe that nicholas stock lost 5 of its value after

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