Although AOL has chosen to withdraw continuing development of the Netscape Navigator browser, you'll be able to continue using it indefinitely. Honestly though, who would want to?

Netscape doesn't have much in the way of loyalists in the realm of content suppliers, and web users seem not to care much what browser they use as long as the utility is fast, accurate and simple. I myself switched from Netscape to Firefox during the last year because Navigator was giving me image handling problems and Mozilla Firefox proved to be easier, faster and less burdensome.

Since 1994, Netscape has been a leading-edge web utility. However in recent years, competition from Mozilla Firefox has relentlessly scooped away market share from Netscape and a strong and victorious competitive battle has been waged in the interest of Internet Explorer by Microsoft Corp. (NASDAQ: MSFT). Although Netscape proved to be a strong web utility, in the last few years it lacked any significant improvements in user friendliness. I think that situation is in part due to Microsoft's reluctance to make the Windows operating system play nice with Netscape Navigator. We may take pause to wonder if Time Warner Inc. (NYSE: TWX) ever properly applied pressure on Microsoft over the situation ... probably not.

In the big picture, no one is going to miss Netscape Navigator. Yes, some few loyalists might whine for a while and some people with fully loaded hard drives might find their machines maxed out by the downloading of a new browser and the system changes associated with that, but in the end it's all good if it makes the browsing experience faster and easier for the end user. Besides, it might force the sale of some new computers, yes?

Perhaps AOL should just spin off Netscape, take a bit of cash for it and write the rest off. That might be easiest in the long run. When given the fact that AOL will apparently be relegating Netscape to second-tier status, do you really think it'll ever get better?

Stick a fork in it gang, it's done.

Carl Icahn has made billions agitating corporate managements. Some of his targets include Time Warner (NYSE: TWX), Blockbuster and ImClone.

Now, he is now focusing on Federated Department Stores (NYSE: FD). He wants to buy as much as $500 million of the company's stock.

Icahn already has a stake in the company, although it is a minor 2.1 million shares. This amounts to about $86.6 million. Keep in mind that Federated has a market cap of $23 billion.

Federated certainly has strong assets; that is, Macy's and Bloomingdale's. What's more, Wall Street has been buying up shares. This year, the stock price has gone from about $33 to $43.

What's Icahn up to? Well, he may be trying the same approach that Eddie Lampert has with Sears Holdings. In other words, Icahn may want to get Federated to maximize its real estate holdings, which could unlock more shareholder value.

Or, he just might think Federated is a good investment.

Basically, it's mostly speculation right now. But, given Icahn's history, he definitely has a plan to make money. And, he is probably not going to sit still.

Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.

Today on "Mad Money," Jim Cramer discussed Time Warner Inc. (NYSE:TWX) and his Buy call from 8/23. He said then how he wouldn't even call it "Time Warner" until management began to focus on being a cable company and divested other businesses. As this seems to be what the company is doing, he said today that he will, indeed, call it "Time Warner" once again.

Cramer noted today that the two influential analysts from Bernstein and Morgan Stanley both upgraded the name and they are the ones that partially held it back. He said that cannot be coincidental, and both analysts were discussing the upcoming cable deals.

He said TWX is a straight shot going to $26, and you should get in it if you haven't.

TWX closed up 2.25% at $18.13, but traded up again over 2% to $18.55 after Cramer made his comments.

In a call-in just before discussing TWX, Cramer told a woman who sold Berkshire Hathaway Inc. (NYSE:BRK.A) to get back in, because he sees multiple years of good things coming from there.

In an interview with the Atlanta Journal-Constitution, Time-Warner's CEO, Dick Parsons, said the "whole media sector right now is in a little bit of a malaise."

The whole sector?  That doesn't seem to be the case with companies like YouTube.com.  Then again, these companies are creating their own categories in media. 

So it's ironic that today Ted Turner left the board of Time-Warner.  Of course, he's legendary in media.  He did things that many thought were absolutely crazy – such as launching a 24-hour news channel.

No, the media industry is not in a funk.  It's just the "malaise" of CEOs like Parsons.  They don't have the guts – like Ted Turner – to make big bets. 

As for Parsons, he is doing the typical things:  small acquisitions, stock buybacks, division sell-offs, and so on.

Why not try something daring?