A colleague of mine steps into the Time Warner presentation at yesterday’s Credit Suisse First Boston conference. This is a few minutes after Time Warner CEO Dick Parsons has just told the crowd Time Warner would still consider a deal for MGM—that is, the studio Metro-Goldwyn-Mayer and its massive film library: At “a reasonable price, I’d slam it in there.”

Said colleague, the latecomer, ends up standing in the back of a room next to an investor. Investor glances at his BlackBerry and dryly chuckles to a pal that MGM’s stock is already up on Parsons chatter. (And it was .)

Thing is, as Mr. BlackBerry knows, MGM-the-studio is not a standalone publicly traded company. MGM Mirage—which operates resorts and casinos—is. And it’s helpfully traded under the symbol MGM.

The Wisdom of the Crowds? Not in this case.