AOL investors are apparently not crazy about the company's big bet on Arianna Huffington and the Huffington Post. And the lack of any momentum showing the company's turnaround is in good shape.

On the day the $315 million deal closed, shares dropped 4% to $19.26, hitting an all-time low of $19.22 on the way. AOL shares are down almost 20% since recent peaks in January, and are down about one-third from their 52-week high last April.

Of course, a lot has happened since then: AOL CEO Tim Armstrong warned that the company's ad business would perform worse than anticipated, there have been re-orgs as executives have come and gone, and the company has made a couple high-profile acquisitions in TechCrunch and HuffPo.

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