Investors expect a company to announce a 9 percent decrease in earnings, but instead the company announces a 1 percent decrease. If the market is semistrong-form efficient, which of the following should happen?

a. The stocks price rises because the earnings decrease was less than expected.

b. The stocks price stays the same because earnings announcements have no effect if the market is semistrong-form efficient.

c. The stocks price decreases slightly because the company had a slight decrease in earnings.