According to the semi-strong form of the EMH, investors who invest in a stock after a highly positive announcement concerning the stock can expect to earn a(n)

• A. normal return because the stock will be fairly priced when purchased.
• B. extraordinary return because the new information will not affect the price until later.
• C. loss because things often are not what they seem.
• D. zero return because the next price is expected to be the same as the last price