The Twitter-24/7 Wall St. Stock Market Update 4.28 The Wisdom Of Crowds?

Twitter has, by most estimates, 100 million members, which makes it one of the largest social networks in the world. All major media companies are on Twitter and some have more than one million Twitter users. It raises the question of whether there is wisdom in crowds.

24/7 Wall St. will look at the Twitter posts at Reuters Biz, WSJ, Financial Times, CNN Money, MarketWatch, CNBC, and 24/7 Wall St. each day to see which stocks are most frequently mentioned. It is clear that in this area of social media these tweet are a sign of which companies the Twitter universe is interested in. These financial sites are followed by a combined 625,000 Twitter users which makes them a sizeable sample of Wall St.’s interests. In some cases, we will publish the actual tweets from the sites.

Among the daily top trending  symbols on stock twitter aggregator StockTwits are Goldman Sachs Group (NYSE: GS), SPDR Gold Trust (NYSE: GLD), Standard & Poors Depositary Receipts (NYSE: SPY), Ford Motor (NYSE: F), and Research-in-Motion (NASDAQ: RIMM)

Reuters Biz: Goldman chief says doesn’t think of resigning: report http://link.reuters.com/faq79j

CNN Money: AOL sales, earnings plunge http://bit.ly/b3NaRo

CNN Money: Greek crisis fears deepen http://bit.ly/aOGZxl

FT: Strong earnings limit impact of Greek contagion fears: The fallout from the downgrading of Greek debt to ‘junk’ st… http://bit.ly/dvKrWL

MarketWatch: European stocks’ losses accelerate in mid-morning trade; Portuguese stocks down 6% http://on.mktw.net/cQKaXI

MarketWatch: Is Apple doing itself harm in case of missing iPhone? http://bit.ly/blhaOJ

WSJ: Before BP’s oil rig exploded, killing 11, the company opposed stricter safety rules for offshore drilling http://on.wsj.com/brW7az

Douglas A. McIntyre