Tuesday marked an interesting day for Time Warner -- actually both Time Warners. Shares of both Time Warner Inc. (NYSE: TWX) and Time Warner Cable (NYSE: TWC) hit 52-week lows during the day. TWX dipped as low as $17.77 and TWC to $30.77.

It seems as if almost every internet company is rumored to be in merger talks. But lately, Time Warner's AOL unit is left out. If AOL has to rely solely on the cash of the parent to do deals and make cash buyouts, then it is at a strategic disadvantage compared to other web leaders. The company is kicking major (you know what) on the advertising front, but it needs a cashless currency to do deals. In short, it needs a tracking stock.

Time Warner Cable (NYSE: TWC) is not in considerably better shape. Cable shares are under fire, or so analysts and pundits claim, from broadband over phone lines via Verizon Communication''s(NYSE: VZ) FiOS and AT&T Inc.'s (NYSE: T) uVerse offerings. Even Comcast Corp. (NASDAQ: CMCSA) hit a new low recently.

Time Warner Cable needs a much larger free float for its shares for it to be in the same league as other public cable companies. Time Warner Inc. can make a similar effort for a tracking stock for AOL that gives it the currency it needs to do deals. Those might not be the only solutions, but they would be a good start for two stocks that don't want to be hitting 52-week lows.

The good news is that neither of these stocks closed on 52-week lows and already today both are higher. TWX is up a mere two cents to $18.13 at 2 PM. But TWC is up 69 cents to $32.82 (2.15%).