Its mind boggling to see how much excess mileage AOL has gotten out of its MSFT deal. Since April 9, the stock just keeps popping every few weeks every time Tim Armstrong announces yet another way he will return shareholder value from the same old deal. The valuation simply doesnt add up. The forward P/E is twice that of Google! Does AOL have innovative search and market-leading home-page links for a home page? No. Are people lining up to get an AOL email account? No. Are earnings stagnant? Yes. It will be interesting to see how far and how fast it plummets after December's one-time dividend.