News certainly does play a big role in the movement of any stock but so does technical trading, which is a product of supply / demand conditions. Chart patterns will take shape in anticipation of events and bullish or bearish breakouts will usually follow through one way or another as these will determine which direction the traders take it. Small time retail investors sometimes will throw a wrench in the works by buying stocks they shouldnt because they read an article or press release. These price spikes are usually short lived but can cause angst for market professionals. Conversely retail investors can sell into a strong up trend after misinterpreting a piece of news. Traders who understand consolidation patterns can often predict how far a stock should go once the pattern is broken. Charts, technical trading etc are part of a self fulfilliing prophecy and should be treated as such. When you buy a stock, you really arent trying to determine future developments for the company, you are betting that somebody will be willing to pay more for the stock than you did.
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