Which Two Of The Following Orders Will Be Reduced When Xyz Corporation Sells Ex-Dividend?

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Which Two Of The Following Orders Will Be Reduced When Xyz Corporation Sells Ex-Dividend?

I. A GTC order to sell 100 XYZ at $50 stop II. A GTC order to sell 100 XYZ at $50 stop-limit III. A GTC order to buy 100 XYZ at $50 stop IV. A GTC order to buy 100 XYZ at $50 stop-limit
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I and II Explanation: Open or good-until-cancelled (GTC) orders that are entered below the market are automatically reduced when a stock sells ex-dividend unless they are marked Do Not Reduce (DNR). Orders that are entered below the current market at the time they are entered are buy limit orders, sell stop orders, and sell stop-limit orders. Open orders that are entered above the market are sell limit orders, buy stop, and buy stop-limit orders. The GTC sell stop and sell stop-limit orders are entered below the market and are reduced on the ex-dividend date.
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