The Twitter-24/7 Wall St. Stock Market Report 6.2.2010 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), Apple Inc (NASDAQ: AAPL), Transocean Ltd (NYSE: RIG), Baidu Inc (NYSE: BIDU), Anadarko Petroleum Corporation (NYSE: APC), Oil Services HOLDRs (NYSE: OIH), and Clean Harbors, Inc. (NYSE: CLH).

CNN Money: Job cuts remain at pre-recession levels http://bit.ly/aCc5kJ

CNN Money: Dollar rises against yen and euro http://bit.ly/djrZVB

TIME: Steve Jobs defends iPhone factory conditions | http://su.pr/2uFKZo

Reuters Biz: Job cuts close to unchanged in May vs April http://link.reuters.com/hen77k

Reuters Biz: BP tries again to curb oil spill as stock falls anew http://link.reuters.com/vem77k

Reuters Biz: Honda China parts plant restarts, walkout threatened http://link.reuters.com/kak77k

FT: Foxconn raises wages in China by 30%: Foxconn employees in China will get a 30 per cent pay rise, after a string o… http://bit.ly/9Vlj4u

Douglas A. McIntyre