The Twitter-24/7 Wall St. Stock Market Report 6.11.2010 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 GBPUSD, EURUSD, EURCHF, BP plc (NYSE: BP), Apple Inc (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT), Motorola (NYSE: MOT), Google Inc (NASDAQ: GOOG), OXiGENE, Inc. (NASDAQ: OXGN), Anadarko Petroleum Corporation (NYSE: APC) Amazon.com Inc. (NASDAQ: AMZN)FT: Cameron steps into fray to defend BP: David Cameron, the British prime minister, has leapt to BP’s defence, emphas… http://bit.ly/b3RWQ4

FT: Portugal rules out need to tap EU funds: Portugal has no plans to use emergency European Union funding and is conf… http://bit.ly/cDZ6AX

Daily Finance: FBI Launches Probe into AT&T iPad Security Breach http://bit.ly/aYrJcl

Yahoo! Finance: Treasury Dept said that it expects to sell some of its 61 percent stake in GM when the automaker goes public http://yhoo.it/9N1dcx

Yahoo! Finance: Goldman has no indication of SEC settlement http://yhoo.it/dndG99

CNN Money: Florida wants $2.5 billion from BP in escrow http://bit.ly/bRUM3q

CNN Money: FBI probes hackers’ AT&T iPad breach http://bit.ly/cUkPu5

CNN Money: Dell banks $100 million to settle fraud charges http://bit.ly/b06uTd

Reuters Biz: Markets too pessimistic on euro zone, say ECB members http://link.reuters.com/hyn59k

Reuters Biz: J&J called uncooperative in Tylenol probe: report http://link.reuters.com/kun59k

MarketWatch: China’s consumer inflation accelerates to 3.1% in May from April’s 2.8% http://on.mktw.net/cLW7T9

MarketWatch: FBI probing AT&T security breach exposing iPad user email addresses http://on.mktw.net/deTrrT

Douglas A. McIntyre