The earnings announcement puzzle (pead) refers to the observation that stocks with _____ tend to ____.

Select one: a. negative earnings surprises; jump down and then stay at the same level b. negative earnings surprises; jump down and then start to drift upward c. positive earnings surprises; jump up and then continue to drift upward d. positive earnings surprises; jump up and then stay at the same level e. negative earnings surprises; jump up and then start to drift downward