The Twitter-24/7 Wall St. Stock Market Report 5.26.2010 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 SPDR S&P 500 (NYSE: SPY), Goldman Sachs Group, Inc (NYSE: GS), S &P 500 (NYSE: SPX), Google Inc. (NASDAQ: GOOG), BP plc (NYSE: BP), Sprint-Nextel (NYSE: S), and Baidu Inc (NASDAQ: BIDU). Reuters Biz: Home refinancing jumps while purchasing slumps http://link.reuters.com/qub56k

Reuters Biz: OECD raises global growth forecast due to Asia http://link.reuters.com/gyv46k

FT: BP chairman takes on US critics: BP’s chairman faced down the company’s critics over its response to the oil spill… http://bit.ly/dk9lJp

FT: Crises trigger global flight from risk: Korean tensions add to concerns about European sovereign debt and strength… http://bit.ly/9evpRg

CNN Money: Microsoft, Google: buyers. Yahoo, Netflix: buyees? http://bit.ly/90ic3N

CNN Money: At risk: The Gulf’s $234 billion economy http://bit.ly/cjCNI4

CNBC: Bank of America Merrill Lynch’s Sallie Krawcheck is in the crosshairs again. $$BAC http://bit.ly/cPTTpx

MarketWatch: U.S. durable-goods orders in April rise 2.9% http://on.mktw.net/a9EqaV

Douglas A. McIntyre