Time Warner after the bell 06-15-06: so, so social?

Cutting through all the buzz about the New Netscape (which we'll continue to talk about, I'm sure), there has also been a lot of news today about social networking and social search. And for some reason the buzz is all centered on your Yahoo!s, your Facebooks, your MySpaces. No one is really including Time Warner in that category.

And yet ... everything Time Warner is really honing in on now, in the company's internet divisions, is about taking advantage of the social nature of its audience (and really: what is AOL but a bunch of people who love to chat with one another via email, IM, and chatrooms?). Netscape's hugely viral strategy is just one more in a long line of highly democratic media, from AIMPages to this very blog before you.

Investors wonder, wonder, wonder. Today the stock ticked up a teensy bit on the news of the New Netscape, 14 cents to $17.11. I know a lot of you will say "no" but ... is this a buying opportunity? Are investors failing to key in to the opportunities Time Warner is seizing? Or is it just that the conglomerate is to big and unwieldy to be managed by the monstrous and multiple personalities at the helm? I keep asking myself, is Time Warner too cheap to pass up?