Ultimately, owning stock means you own a part of the company -- that is what stock is, a share of ownership. So there is some intrinsic value (billions in cash, real estate, other assets) in the stock even if you never sold it.
But with that argument, ALL STOCK is speculation -- even those that may offer dividends. I've owned stock that promised a dividend, but then lowered it (which also devalued the stock) and ultimately cut the dividend all together.
Buying stock is a bet you're placing on a company's future success. It is just like investing in a piece of land, or in your own company, or lending money to someone with the expectation of interest boosted return.
I think one of the problems we have today is that many of these bets are very short term. We don't give much reward to those that invest longer term in a company, no offer disincentives for holding a stock for 1.3 seconds (via our tax code). That's where, IMHO, a lot of speculation comes in. If I buy stock in a company and keep it only for a minute, an hour, a day or a week, I'm not really interested in the company. But that speculation occurs with *everything*: stocks, bonds, real estate, commodities, you name it.