Efficient markets? Newcastle Investment (NCT +2.5%) shoots higher after announcing May 15 as the...

|About: Newcastle Investment Corp. (NCT)|By:, SA News Editor

Efficient markets? Newcastle Investment (NCT +2.5%) shoots higher after announcing May 15 as the spinoff date for New Residential (NRZ). It's not as if this is news (other than the exact timing), yet investors have rushed in to buy. One week ago, UBS noted the absurdity of anybody selling on the idea the spinoff wasn't going through. (PR)