In fact, there is a whole school of thought called irrelevance of dividends that says the amount of dividends does not matter at all, because the assessment should not rely on representations decision on whether or not to reinvest or distribute cash. You can make your own dividends, just sell some of their shares if the company has too much cash for his taste.
However
Stock prices do fluctuate in a sense that there is a much more volatile when the market is open than when closed (ie, near open vol) and this really can not be explained by the difference in news. Much of this is just the randomness caused by people buying and selling shares.
Contrary to the suggestion of previous posters
Many of those transactions in which no one has any special commitment to the population going up or down. For example, much of the investment is indexed for purchase are required to keep track of indices. Many of sell orders are simply on the need for money and that the readjustment of the index. Market makers are buying or selling, because it is their job to provide liquidity. Stock is purchased to meet exployee exercise of stock options. People buy or sell shares to cover certain risks. Etc, etc, etc. (That is, forget those silly things, after "Just remember")
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