Which of the Following Is False

Which of the following is false?

A) Future cash flows are unknown.
B) It is the discounted value of expected cash flows that is used in stock valuation.
C) If earnings reports are what were expected, sharp price movements can occur immediately as investors take advantage of buying and selling opportunities.
D) According to the capital asset pricing model, the return needed to purchase stock is equal to the risk free return plus beta multiplied by the market risk premium.