It took Microsoft's bid for Yahoo! not Jeff Bewkes's appointment as CEO to move Time Warner's stock

-SDH Microsoft's monstrous bid for web giant Yahoo! is sending shock waves through the media industry and people like Time Warner CEO Jeff Bewkes probably couldn't be happier. Microsoft's bid for Yahoo! is making investors take another look at Time Warner's AOL unit. Following news of the Microsoft bid, Time Warner's stock shot up a little over 9% as investors slapped a higher value on AOL. But unless Time Warner is selling AOL then this valuation is just some kind of mental comfort for investors, no? ``All of a sudden, it helps people sharpen their pencils and do a similar valuation on the AOL business,'' said David Katz, chief investment officer at Matrix Asset Advisors Inc. in New York, which owns about 3 million Time Warner shares among $1.6 billion in assets. ``It's worth 60 percent more today than yesterday.'' Time Warner Gains on AOL Valuation After Microsoft's Yahoo Bid [Bloomberg]