T-W stock rise buying AOL time?

Is Time-Warner’s recent stock runup (today at 21 bucks and change, a 52-week high) covering up the struggles at the company’s AOL division? That’s the take of Alyce Lomax over at the Motley Fool, who notes that investors are more forgiving of flaws when share prices are up:

Time Warner’s stock has gained 24% in the last three months, and investors are much more forgiving when a stock’s going up. However, if AOL’s going to recover its geek cred and lure users in for social networking, it’s going to need some serious innovation — not just a rehash of everyone else’s ideas.

So unlike things over at Yahoo, maybe the Dulles, Va. crowd has a little more time to figure out which way they want to move after the recent shuffling of the executive desks, which knocked out former CEO Jon Miller as well as bloggermeister Jason Calacanis. Or maybe the TW dons are giving their new guy more time to settle in, and figure out AOL’s future.