Recent earning announcements from news outlets

" Cigna corp. reported Thursday second-quarter profit and revenue that topped forecasts, amid strength in the health insurers pharmacy business, while growth in a customer relationships slowed from the previous quarter, Net income fell to $1.47 billion, or $4.25 a share, from $1.75 billion, or $4.73 a share, in the year-ago period. Total revenue rose %9.8 to $43.13 billion, above the consensus of $41.19 billion, as pharmacy revenue grew 13.1% to $30.5 billion to beat expectations of $28.53 billion. Total customer relationships as of June 30 rose 3.6% to 191.11 million and total pharmacy customers increased 5% to 101.93 million. For 2021 Cigna raised its revenue outlook to at least $170 billion from at least $166 billion, and affirmed its adjusted EPS outlook of at least $20.20"

"The health insurer said it expects a negatives earning impact from COVID-19 of about $2.50 per share for 2021. The company said its medical costs in the reported quarter grew as demand for non-COVID healthcare services normalized. Cigna's medical care ratio, the amount spent on medical claims versus the income from premiums, worsened to 85.4% in the second quarter, from 70.5% a year earlier, compared with an estimate 81.04%

This earnings announcement was made before the market opened on Thursday. When markets closed on Thursday, the firm's stock price declined more than 10 percent (a loss of more than $7 billion)"

Based on the information above, which of the following statements best helps to explain the market reaction?

a.) The rising medical care costs due to growing demand for non-covid related health care services

b.) The significant decrease in net income for the second quarter

c.) Investors expected stronger revenue and earnings growth than what was actually announced

d.) The slowing growth in customer relationships