Maintain your sorted groups as in part (a), but now, instead of looking at the onemonth return for July 2013, look at the six-month period from July 2013 to December 2013.Namely, for each stock, compute their 6-month average return for these six months, and thencompute the average of these average returns within each of the 5 groups (i.e., you shouldobtain five group averages). In other words, you sorted your chosen stocks into 5 groupsbased on each stock's 12-month average return from July 2012 to June 2013, as you did in2part (a), and now you are looking at each group's equal-weighted 6-month average returnfor the period from July 2013 to December 2013 (it is "equal-weighted" because each stockwithin a group is assigned the same weight when calculating the group average). Based onthis information, do you observe momentum in stock returns?

Company Average Return from Average Return from July to Dec-13 July to Dec-13 match each group TSLA 0.130438138 0. 076385095 NFLX 0.121906854 0. 098716917 GOOG 0.036755942 0. 043172653 CSCO 0.035212369 -0. 009828667 HD 0.03430613 0. 012449438 V 0.034158163 0. 035326937 NKE 0.033657888 0. 037981328 ADBE 0.029870186 0. 047733513 0. 04274215 MDT 0.027334785 0. 021188924 TSM 0.027174289 0. 002386659 BRK-B 0.025363679 0. 009933923 CMCSA 0.024475834 0. 039864125 DIS 0.024464294 0. 033318696 JNJ 0.023421418 0. 014783349 PG 0.022522161 0. 012790326 2 PFE 0.020208906 0. 018313109 0. 01847572 COST 0.020164315 0. 01428402 TXN 0.01957645 0. 042660696 AMZN 0.017517861 0. 064835311 LLY 0.015527314 0. 010106579 VZ 0.015503119 0. 000220068 PER 0.014630154 0. 005290905 MSFT 0.014217753 0. 0172714 3 MRK 0.013248154 0. 016699234 0. 02142103 CVX 0.012948271 0. 012397602 ABT 0.012642784 0. 018960595 UNH 0.012136967 0. 026557868 CRM 0.011326968 0. 064848115 QCOM 0.010000841 0. 035894264 AVGO 0.008396232 0. 063858712 WMT 0. 008204615 0. 011141281 4 XOM 0. 006967458 0. 022656831 0. 03203941 T 0.005578257 0. 005062732 KO 0.005264129 0. 008974098 ORCL 0.004622613 0. 039082639 NVDA 0.003865422 0. 02431483 INTC -0.003113853 0. 016494917 META -0.004390371 0. 152669342 AMD -0.007287156 -0. 002303532 5 AAPL -0.027645416 0. 062978382 0. 03840918