There are a number of great financial websites, including this one. There are also a good number of television shows that discuss stocks.
I think it is extremely important on how to decipher all this information. My biggest criticism with the financial media is that there is never any emphasis placed on the ranking of stocks. Let me give some examples.
If you ever watch Jim Cramer's TV show, he talks about ten, twenty, thirty stocks. There is no possible way you can change your portfolio to meet all his recommendations. It would be silly to try. Other shows on FOX also provide "recommendations" from experts - usually the recommendations fall under a theme or a gimmicky idea.
When reading the internet or watching TV, I think it is extremely important to keep in mind that these media outlets should only be used by investors/traders as idea generators. I always like learning about a new company or stock - the media is a great place to get ideas.
Once you hear about a stock or company you like, do your own research. If you truly want to succeed in investing, you must become an expert in the companies that you invest. If you are unwilling to take these steps, then buy an ETF or a mutual fund.
If you look at the great Warren Buffett - much of his success as a hedge fund manager and as a CEO was based on big bets on just a couple of companies. American Express (NYSE:AXP), Coke (NYSE:KO), and GEICO come to mind. He wasn't buying 50 or 100 stocks at a time. He was focused on great ideas and he went full speed ahead.
Use the media to get great ideas. The rest is up to you. If you feel the need to pull the trigger on 20 - 30 stocks, you are most likely going to get results that mirror the stock market averages.