The Twitter-24/7 Wall St. Stock Market Report 6.7.2010 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 most tweeted stocks on market aggregator Top Stock Tweets are Apple Inc. (NASDAQ: AAPL), BP plc (NYSE: BP), Goldman Sachs Group (NYSE: GS), Bank of America Corporation (NYSE: BAC),  Oracle Corporation (NASDAQ: ORCL), Amazon.com Inc. (NASDAQ: AMZN), Huntington Bancshares Inc. (NASDAQ: HBAN), and Sprint-Nextel Corporation (NYSE: S). CNN Money: Global airline industry soars toward recovery http://bit.ly/ccX4PH

WSJ: Yahoo announces plans for increased Facebook integrations. http://wsj.com

MarketWatch: Japan’s benchmark stock index ends down 3.8%, its worst daily percentage loss of 2010 http://on.mktw.net/bR0n0C

Reuters Biz: Jobs headlines Apple event, new iPhone in the wings http://link.reuters.com/zaw58k

Reuters Biz: BP shares jump on first major oil spill progress http://link.reuters.com/gav58k

Douglas A. McIntyre