I very respectfully disagree that people do not buy when there is no news. I am a novice in a way, not many hours in the air as it were, but all of my experience is with stocks whose prices start with three zeroes after the decimal point. I cannot begin to count how many times I have watched these sorts of stocks move by 30 to 150 percent in just a few hours without a hint of any news anywhere that I can find.
I will admit I am deeply intrigued by this behavior and I endeavor to understand it better. At this point, it seems to me that stocks like these are traded by groups of people smaller than , say a thousand. Some are certainly insiders. These are the folks who get news that the outsiders can't get too often, but my suspicion is that if a few dozen people get wind of a significant development ( a rumor in most cases) this is all it takes for a spark to quickly turn into a fire. When the fire fails to turn into raging beast, most- who just don't really have thick enough skin to weather such wild conditions- jump ship.
Market Data 
Markets 
