Investors expect a company to announce a $10\%$ decrease in earnings ; instead $,$ the company announces a $3\%$ decrease $.$ If the market is semi $-$ strong form efficient $,$ which of the following would you expect to happen $?$ a$)$ The stock price will increase because the earnings decrease was less than expected $.$ b$)$ The stock price will decrease slightly because the company has had a slight decrease in earnings $.)$ The stock price will stay the same because earnings announcements have no effect on price if the market is semi $-$strong form efficient $.$ d$)$ The stock price is difficult to predict if the market is semi $-$ strong form efficient $.$ e$)$ Any of the above could happen $.$