The Twitter-24/7 Wall St. Stock Market Report 6.8.2010 The Wisdom Of Crowds?

Investing

Published: June 8, 2010 8:52 am

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), EURUSD, GBPUSD, EURCHF, Microsoft Corporation (NASDAQ: MSFT), Google Inc (NASDAQ: GOOG), EURJPY , Hawaiian Electronic Industries, Inc (NYSE: HE), Goldman Sachs Group (NYSE: GS), and Bank of America Corporations (NYSE: BAC)MarketWatch: Market faces test of China bank issuance http://bit.ly/d2K3pe

Yahoo! Finance: iPhone maker Foxconn seeks price hikes to offset wages http://yhoo.it/c26tvD

Daily Finance: Bernanke Bolsters Confidence in Asia, Hong Kong Real Estate Rises on Land Auction http://bit.ly/8Y0euX

CNN Money: Bernanke: Recovery continues but ‘won’t feel terrific’ http://bit.ly/amCGRK

FT: Bernanke comments bring out the bargain hunters: Global Markets Overview: Stocks rise and the euro is higher after… http://bit.ly

Reuters Biz: New strike breaks out at Honda supplier in China http://link.reuters.com/wem78k

Reuters Biz: EU ministers talk austerity http://link.reuters.com/but78k

Douglas A. McIntyre

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