Suppose that Microsoft announces that its profits for the third quarter of 2001 were $400 million. As a result of this announcement the price of Microsoft's stock declines. The best explanation of this is A. the stock market is not an efficient market. B. market participants were expecting Microsoft's profits to be greater than $400 million for the third quarter. C. market participants were expected Microsoft's profits to be less than $400 million for the third quarter. D. market participants have adaptive expectations