Efficient markets? PennantPark Investment -5% after 'old news' dividend cut

• PennantPark Investment (PNNT -5%) first announced its intention to cut the quarterly dividend to $01.8 per share from $0.28 alongside its FQ4 earnings report on Nov. 21. It reiterated those plans alongside its FQ1 report on Feb. 8.
• Last night, it officially declared the $0.18 dividend payable on April 3, with ex-dividend date of March 20. Go figure.