They buy on present value, and quite often for their dividend plans. If at some point in the future they rise, that's a bonus. But also don't forget puts and calls. They tilt present values in the direction of a futures market.
Some do buy for the dividends, but not all companies offer a dividend. So, in that regard, they are buying the stock in the hopes that it will rise.
Topic: I think this speculator stuff was all made up by the MSM and liberals to try and get Barry off the hook for the high gas prices. You never heard them mention regulators when Bush was President. But in case, I kinda agree with only allowing people who will use the product be the ones to bid on it. Although playing the futures market is pretty fun. Personally I am happy with the bonds, options, and simple stocks; and in the process now of looking into hedge funds...