Xrox, Inc. announced yesterday that its 2nd quarter earnings were up 15% higher than the previous year's 2nd quarter. Today, the price of Xrox fell by 3%. This suggests that:

a.earnings will likely decrease next quarter

b.the stock will probably rise even more tomorrow

c.investors expected earnings to be smaller than what was announced

d.analysts expected a greater increase in earmings

e.the market is not efficient