Which of the following are the most likely reasons for why a stock price might not react at all on the day that new information related to the stock issuer is released?

Insiders knew the information prior to the announcement.

Investors need time to digest the information prior to reacting.

The information has no bearing on the value of the firm.

The information was anticipated.

Multiple Choice

$2$ and $3$ only

$3$ and $4$only

$2$ and $4$ only

$1$ and $3$ only

$1$ and $2$ only

None of the options are correct.