The Twitter-24/7 Wall St. Stock Market Report 6.15.2010 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 EURUSD, Apple Inc (NASDAQ: AAPL), GBPUSD, BP p.l.c (NYSE: BP), EURCHF, Google Inc, (NASDAQ: GOOG), Microsoft Corporation (NASDAQ: MSFT), Gaylord Entertainment Company (NYSE: GET), and Best Buy Co, Inc (NYSE: BBY).NYT: Dealbook Column: One Crowd Still Loyal to Goldman Sachs http://nyti.ms/cE7kro

CNN Money: Fitch downgrades BP … again http://bit.ly/da0DCq

Daily Finance: Capital One Charge-Offs Fell in May http://bit.ly/b1UAYu

Daily Finance: Hershey to Lay Off 500 to 600 Workers http://bit.ly/9aYr8s

Yahoo! Finance: Best Buy 1st-quarter net income rises but results miss expectations and shares fall premarket http://yhoo.it/avOYj7

MarketWatch: Best Buy shares retreat as retailer calls first-quarter results ‘below expectations’ http://on.mktw.net/a8PRPw

MarketWatch: Fitch downgrades BP credit rating, citing escrow-account worries http://on.mktw.net/d8m1jL

Reuters Biz: EU commissioner attacks Moodys on Greek downgrade http://link.reuters.com/xyc22m

Reuters Biz: BSkyB rejects $11.6 billion News Corp buyout proposal http://link.reuters.com/muv99k

Douglas A. McIntyre