The Food and Drug Administration (FDA)just Announced Yesterday That They

Multiple Choice

The Food and Drug Administration (FDA) just announced yesterday that they would approve a new cancer-fighting drug from King.You observe that King had an abnormal return of 0% yesterday.This suggests that

A) the market is not efficient.
B) King stock will probably rise in value tomorrow.
C) King stock will probably fall in value tomorrow.
D) the approval was already anticipated by the market.
E) none of the above.