Air Canada, West Jet, and Transat A.T. Inc. announced purchases of planes on July 18 (18/7), February 12 (12/2), and October 7 (7/10), respectively. Given the following information, calculate the CAR for these stocks as a group. Graph the result and provide an explanation. All of the stocks have a beta of 1, and no other announcements are made.

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Air Canada Transat A.T Inc WestJet Market Company Market Company Market Company Date return return Date return return Date return return 12/7 0.3 13/7 16/7 -0.9 -0.5 8/2 0.2 /2 0.7 10/2 1/10 2/10 0.2 310 0.8 6/10 0.5 0.4 0.3 0.0 0.5 0.5 0.6 0.4 0.6 12/2-0.3 1.1 0.5 -0.3 0.3 -0.3 -0.3 19/7 0.9 20/7-1.0 23/7 -0.7 15/2 1.2 0.5 8/10 9/10 10/10 13/10 16/2 2 -0.3 0.3 0.0 0.7 18:2 0.2