well... don't know how much you really know about stock markets in reality but mass movements create a lot of arbitrage to those who have guts to swim crosscurrent. now there is a great panic about nokia. reasonable people and somewhat reasonable bots stir the soup and there is no sense to be seen atm. your reply applies to idealistic investors but in certain situations, masses flow stupidly. and with apple masses are speculating. no dividend means people are waiting for bigger share price. with companies that pay constant dividends, price solely means nothing. and if dividends stay at certain level, real time pricing of stock has no effect to anything.