The Twitter-24/7 Wall St. Stock Market Report 5.27.2010 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 BP plc (NYSE: BP), Microsoft Corporation (NASDAQ: MSFT), Goldman Sachs Group Inc (NYSE: GS), Sandisk (NASDAQ: SNDK), Citigroup Ine. (NYSE: C), US Air (NYSE: LCC), and Jamba, Inc. (NASDAQ: JMBK).

CNN Money: First-time jobless claims fall 14,000 to 460,000; first-quarter economic growth revised down to 3% annual rate, government says. $$

CNN Money: U.S. economy grew at a 3% annual rate in the first quarter — slightly less than originally reported, government says. $$

MarketWatch:  First-quarter U.S. economic growth rate revised downward to 3% http://on.mktw.net/9jCCg

NY Times DealBook: S.E.C. Proposes a Uniform Audit Trail to Track Trading http://nyti.ms/dna9Fi

CNN Money: Obama extends offshore drilling delay http://bit.ly/bIzKpC

Reuters Biz: Microsoft to focus on products and profits http://link.reuters.com/nuz66k

Douglas A. McIntyre