The Twitter-24/7 Wall St. Stock Market Report 5.28.2010 The Wisdom Of Crowds?

Updated throughout the day.

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), S&P 500 (NASDAQGS: SPX), Microsoft Corporation (NASDAQ: MSFT), Monsanto Co. (NYSE: MON), Standard & Poor’s Depositary Re (NYSEArca: SPY), and Transocean Ltd (NYSE: RIG).CNN Money: Personal spending flat in April, government says, below analysts’ forecasts of a gain. Personal income rises 0.4%. $$

MarketWatch: U.S. income growth outpaces personal spending in April http://on.mktw.net/bBFfPA

WSJ: Deal Journal: Pru’s Asia Chief: ‘The Numbers Absolutely Add Up’ http://bit.ly/br5mHV

Reuters Biz: Shell buys East Resources for $4.7 billion http://link.reuters.com

Reuters Biz: BP’s spill costs hit $930 million http://link.reuters.com/wus86k

Reuters Biz: Pru shares halted in HK, talk of AIA renegotiations http://link.reuters.com/maj86k

FT: Pru seeks to slash $35bn AIA price tag: Some shareholders remain concerned about the costs of the deal and the len… http://bit.ly/cOm1Mi

FT: Goldman seeks settlement with SEC on lesser offence: Goldman Sachs is hoping to avoid the SEC’s charge of fraud by… http://bit.ly/9lNZGz

Douglas A. McIntyre