Fourteen days ago, Arthur's Hardware declared a dividend of $0.75 a share. The ex-dividend date is tomorrow. All else constant, which one of the following is the best estimate of Arthur's opening stock price tomorrow?

Today's closing price minus an amount approximately equal to the after-tax value of the dividend.

$0.75 higher than today's closing price.

$0.75 lower than today's closing price.

The same as today's closing price since the dividend is expected.

Today's closing price plus an amount approximately equal to the after-tax value of the dividend