The efficient markets hypothesis states that new information should cause revisions to the current discounted value of future dividends, resulting in a change in market value. It seems there is news today.
source: Investment Network1:50 CT, April 1, 2024.
Of course, the efficient markets hypothesis also suggests that the stock's price is disproportionate to fundamentals (as rational agents would assume).However, fashion (defined as summers) can be very persistent and difficult to detect using standard random walk criteria.
appendix:
Since the combined group only started trading last Tuesday, perhaps it's better to show what happened over the past week.
source: Investment Network2:15 CT, April 1, 2024.
