The Twitter-24/7 Wall St. Stock Market Report 6.4.2010 The Wisdom Of Crowds?

SJ

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), United States Natural Gas (NYSE: UNG), Google Inc (NASDAQ: GOOG), VMWare, Inc (NYSE: VMW), Chesapeake Energy Corporation (NYSE: CHK)WSJ: Census hiring accounted for bulk of new jobs. Private sector added 41,000 jobs, below expectations. Markets reacting negatively

CNBC: BP Should Know Soon If Capping Well Succeeds: CEO -> http://bit.ly/baircH

FT: Scoop: #Google chief puts creativity at the heart of its culture http://bit.ly/bPkEeO

FT: BP moves to calm investors over financial position: BP will try to reassure investors about its financial position… http://bit.ly/93ZKeP

MarketWatch: U.S. economy adds 431,000 jobs in May; 411,000 are temporary Census hirings http://on.mktw.net/bomjUB

Douglas A. McIntyre