I think it is rational panic. ASICMINER's dividends have steadily been decreasing, as well as Friedcat's updates. Yes, he's online daily, but he hasn't posted an update since Aug 9th after posting on a weekly basis which in my mind helped the value of ASICMINER.
The Hash Rate percentage relative to the Network has steadily been decreasing. I think the valuation of ASICMINER in relation to it's dividends is sitting at about a 26% APR (no reinvestment) as of today's dividend, and in the past I've seen the APR sit as high at 30%, so maybe the asset could drop even more if dividends stay at the current percent.
I haven't been following hardware sales so I cannot speak to that.
mining revenue has been decreasing with the lower percentage, but hardware sales have typically been making up the difference (and then some). This week was a bad one, as it's obvious there were very little of both revenue streams, probably because hardware was restocking and there was some sort of problem with the mining operation, as it got down to 6% of the network.
Mining is back up, and hardware is restocking, so next week's dividend should be better.
That being said, we could certainly use some news from FC as far as plans for the next few weeks, details into what is going on with the hash rate, and an explanation as to when new hardware sales will resume.
If FC can answer those questions, then expect a rise in share price.