Which one of the following is the best example of an announcement that is most apt to result in an unexpected return?

a. The verification by senior management that the first is being acquired as had been rumored.

b. Announcement that the CFO of the first is retiring June 1 as previously announced.

c. Announcement that a firm will continue its practice of paying a $3.00 a share annual dividend.

d. A news bulletin that the anticipated layoffs by a firm will occur as expected on December 1.