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iPhone Stock Market Reaction - "Perfect Information" or Just Emotions?

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I'm thinking of all those stock market theories assuming everyone on the market to have "perfect information" and base all decisions on it.

Then I see a drop on Nokia and Ericsson as an answer to the new iPhone. Nokia is a no-brainer. Even I can understand it. A strong competitor enter the scene with a very concrete offer and an existing hungry customer base ready to buy it instantly.

But why did Ericsson make a similar percentage dip? Ericsson does not sell phones. They happen to be 50% owner in Sony Ericsson, but Sony Ericsson is a small actor compared to Nokia. Either I'm excluded from some important information suggesting why Ericsson will suffer from Apple's iPhone. Otherwise I might offer a cute scoop: the Cingular label on the Phone.

Cingular happens to partner with Apple on launching the Phone. And guess who Cingular buys a big share of their cellular systems from? You guessed it: Ericsson. If iPhone becomes the success as Steve Jobs promises it to be - it will benefit Cingular. Increased data and voice traffic giving increased need for equipment from Ericsson.

So much for "perfect information". Maybe I'm a cynic, but my guts feel is that too many people just associated "sell all Cell phones" and missed that Nokia is Cell phones while Ericsson is Cellular systems. Different sides of the coin.

Now I'm just waiting to learn that the iPhone is based on an Ericsson chipset. Just speculations, but perfectly possible. Ericssons sells phone chips to anyone. And Sony Ericsson is free to buy chipsets from anyone - including Ericsson.