Incorrect.
Companies do care what your objective is.  If it clearly doesn't match (I get a lot of resumes with "I want to design circuits and do whatever") they instantly go in the "NO" pile because that isn't what my company does.  However, we hire a good # of Electrical Engineers/Computer Engineers, but those are the ones who would say something like "I want a job working with networks or software engineering."  
Your objective is usually at the top of your resume and it *should* reflect what you're interested in.  If you have 2-3 areas that you think you'd like to go into, make 2-3 different resumes if you think you can be discreet about it.  (IE have the right resume in your hand when you walk up to the employer)  Or list a number of different things in your objective.  If you intentionally give a worthless objective... well, expect some worthless job offers! 
 
Edit: We DO know that most college kids don't really know what they want to do - but you should at least put some guidance in there to suggest things that interest you.  If you want to be a programmer, put that in there.  If you want to design circuits, put that in there.  If you just plain don't care what you do - DON'T PUT THAT IN THERE, think about it and make your objective something that steers you in a certain direction, based on the companies that interest you (big company? small company?) and the kind of work you'd like to do.
Edit2: At a job fair nobody has time to read your cover letter.  The companies are usually accepting 100s of resumes.  You get rated on a 1 minute scan of your resume and 2 minutes of talking to the representative... so make sure your resume is easy to read and accurately reflects you. 
Edit3: Usually resumes with objectives like "to obtain a rewarding career with a forward thinking company that is on the cutting edge of technology" go straight to the "No" pile, because nobody likes a no-talent assclown.