Classify each of the following market participants as an informed, uninformed, or liquidity player, and explain the reasons for your classification:
a. Raymond is 18 years old and ready to begin college. His parents are selling shares of MSFT and KO to pay the tuition bill.
b. Sandra just read a Wall Street Journal article about how successful Wal-Mart has been at managing costs. Impressed by what she read, she calls her broker and puts in an order to buy 100 shares of WMT.
c. Michelle, the CEO of Led Computers, purchases 5,000 shares of LED.