Investor Reaction to a Decrease in Dividends Following a Period

Investor reaction to a decrease in dividends following a period of deteriorating earnings and declining stock price is likely to be:

A) they take it in stride, assuming earnings and dividends will return to normal shortly, and are unlikely to either sell the stock or buy more.
B) they take it as a very bad omen, a statement that management doesn't think the downturn in earnings is temporary, and so they tend to sell the stock forcing its price down further.
C) they see it as an opportunity to get more of the stock while its price is temporarily depressed, and their purchases tend to drive the price back up.
D) they tend to sell just enough stock to make up the lost dividend income, but no more.