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What do TWX and Eminem have in common?

"The FCC won't let me be" opines Eminem in his 2001 hit "Without Me," and these days Time Warner is feeling Eminem's pain.

Recently, the Federal Communications Company (FCC) pushed back an announced June 29 auction for wireless spectrum. The new auction date will be August 9.

Why does this matter to TWX? Well, according to some, by getting in on this wireless auction, Time Warner Cable wants to get in on some wireless action. Given Richard Parsons's optimism at last week's shareholders meeting, one can't help but wonder: is this part of Parsons' plan to right the good ship TWX?

Whatever the future holds, I think we can be certain of one thing: unlike Eminem, TWX will never do a duet with Elton John.

TWX is undervalued, says CEO

Richard Parsons is one optimistic dude. The Time Warner CEO gave a positively rosy-hued speech at last week's shareholders meeting in Atlanta, with the reassuring statement that "our company is clearly undervalued."

Among other plans, Parsons believes he can rejuvenate AOL by increasing revenue from online advertising (some of our BloggingStocks readers, meanwhile, seem to think that  AOL's "certified" email program is also part of the plan to jump-start AOL).

And while he's made some bold moves -- slashing some 2,400 jobs, for instance -- the stock has remained relatively static.

Is it just me, or is Parsons' cheerfulness a bit like shuffling deck chairs on the Titanic? Or is it rather -- in Stephen Colbert's famous phrase -- like shuffling chairs on the Hindenberg?

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