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The 5 Dumbest Things on Wall Street This Week: Aug. 3

5. Apple's Old News

The ink-stained wretches at the major newspapers sure must be desperate for something to write about this summer. Seriously, why else would the NY Times (NYT) and WSJ be trotting out warmed-over stories about Apple (AAPL - Get Report) making an investment in Twitter?

As dutifully captured by TheStreet's very own media maven Marek Fuchs, both papers convulsed this past weekend with reports that Apple had discussions with Twitter about investing in the San Francisco-based social network. The Times was the worse by far of the two worst offenders, deemed Fuchs, leading with the headline: "Apple Officials Said to Consider Stake in Twitter," thereby misleading readers into thinking that the talks were in fact ongoing.

"The headline is, after all, written in the present tense. But talks between Apple and Twitter are apparently dead as a dumpling," clarifies Fuchs.

Right on mark Marek! We couldn't have said it better ourselves. Although we could have said it better than the WSJ, which lamely pointed out that the discussions took place "more than a year ago."

Everybody in Silicon Valley talks with everybody else, so why shouldn't Apple -- which is a builder, not a buyer anyway -- and Twitter -- which is surely suffering from post- Facebook fatigue -- exchange a few pleasantries? What's the big deal if there is no deal? It's not an old story worth even 140 new characters.

Not even to mention the fact that, well, it just doesn't make very much sense -- or seem to reflect Tim Cook's strategic thinking.

Things like Facebook (FB), Zynga (ZNGA) and Groupon (GRPN) getting slaughtered in the market and reality returning to valuations in the social networking space, now there's a story worth having a conversation about.

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