The Twitter-24/7 Wall St. Stock Market Report 5.18 The Wisdom Of Crowds?

Investing

Published: May 18, 2010 8:46 am

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 S&P 500 (NYSE: SPX), Standard & Poor’s Depository Receipts (NYSE: SPY), Green Mountain Coffee Roasters Inc (NASDAQ: GMCR), United States Oil Fund, LP ETF (NYSE: USO), TiVo Inc (NASDAQ: TIVO), United States Steel Corporation (NYSE: X), InfoLogix (NASDAQ: IFLG).

CNN Money: New home construction skyrocketed 40.9% in April, compared to last year, U.S. says. And 15.9% more building permits were issued. $$

MarketWatch: Housing starts jump to 18-month high in April as building permits plunge, U.S. data show http://on.mktw.net/9ilQnY

Reuters Biz: Home Depot profit tops Wall Street view http://link.reuters.com/mez74k

Reuters Biz: Greece gets $17.9 billion EU aid, to repay bond http://link.reuters.com/nez74k

Reuters Biz: Oil rebounds from five-month low http://link.reuters.com/wec84k

Reuters Biz: U.S. to probe spill as BP says more oil contained http://link.reuters.com/pad84k

MarketWatch: Home-improvement retailer Home Depot earns $725 million, a 41% rise for the quarter http://on.mktw.net/djwIuY

MarketWatch: Wal-Mart projects second-quarter profit growth as first-quarter sales rise 6% to $99.1 bln http://on.mktw.net/c8m1vb

MarketWatch: Housing starts jump to 18-month high in April as building permits plunge, U.S. data show http://on.mktw.net/9ilQnY

Douglas A. McIntyre

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