Question 5: Exploring and Understanding Market Efficiency-Find a recent quarterly or annual announcement by a North-American, publicly-traded company and then summarize and analyze the markets reaction to that announcement. You can use any of the following sources for your news article; National Post, Globe and Mail, Wall Street Journal, Bloomberg News, Reuters, New York Times, Financial Times, or Forbes. The timing of the announcement must be between September 1, 2020 and November 4, 2020. You cannot analyze an event that was discussed in class.

1. (7 marks) Briefly explain the companys main business and summarize the content of the news announcement You should include a copy of the article. Be sure to reference your article.
2. (8 marks) Describe how the market reacted to the announcement. Include a graph showing the impact of the announcement on the companys stock price. Was the news expected? Unexpected? Was the markets reaction complete and immediate? Was there over-reaction by the market? What else was happening on the markets at the time of announcement?
3. (7 marks) Explain in your own words why the market may have reacted in the manner it did.
4. (5 marks) In your opinion, does your example support strong, semi-strong, or weak efficiency of markets.

Your response should not exceed 500 words. You will be judged on the selection of your article, and the completeness and clarity of your description, analysis, and commentary. Grammar, spelling, format, sourcing of references etc. will also be considered.