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

By Douglas A. McIntyre Published May 28, 8:47AM EDT

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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

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.