Lex,a Salesperson for Macro Corporation,learns That Macro Will In?crease the Dividend

Lex,a salesperson for Macro Corporation,learns that Macro will in?crease the dividend it pays to shareholders.Lex buys 1,000 shares of Macro stock.When the price increases,Lex sells his shares for a profit.Lex would not be liable for insider trading if the information about the dividend was

A) material when he sold the stock.
B) public after he bought the stock.
C) public before he bought the stock.
D) too speculative when he bought the stock.