People expected something like that to happen, so only the few most naive people waited for the news to sell. As a result, people that would sell because of that sold already.

On the other hand, after those few people sell, the stock won't fall anymore, so the people that were waiting for it to stop falling before they buy make their move.

That's very common, but not reliable for you to make a profit on it. And anyway, those short-term changes are mostly meaningless.