The Twitter-24/7 Wall St. Stock Market Report 5.20 The Wisdom Of Crowds?

Investing

Published: May 20, 2010 8:38 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 Apple, Inc (NASDAQ: AAPL), S & P 500 (NYSE: SPX), Standard & Poor’s Depositary Receipts (NYSE: SPY), ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO), United States Oil Fund LP ETF (NYSE: USO).
CNN Money: Number of people filing for first-time unemployment benefits increases 25,000 to 471,000, government says. $$

Reuters Biz: Sears profit slips 38 percent http://link.reuters.com/zef45k

Reuters Biz: Up to 20 bidders interested in Novell: report http://link.reuters.com/zuf45k

MarketWatch: U.S. jobless claims climb by 25,000 to 471,000 — highest level in a month http://on.mktw.net/akhz9i

MarketWatch: Strike by British Airways’ cabin crew looks set to go ahead after High Court lifts ban http://on.mktw.net/bF6yyL

FT: Dubai World agrees $23.5bn debt deal: State-owned conglomerate agrees economic terms with its main creditors over … http://bit.ly/9ozWcT

FT: Asian sovereign wealth targets US shale gas: The sovereign wealth funds of China and South Korea are set to lead a… http://bit.ly/cwPmio

Douglas A. McIntyre

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