The Twitter-24/7 Wall St. Stock Market Report 7.6.2010 The Wisdom Of Crowds

Investing

Published: July 6, 2010 8:29 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 StockTwits are USDUAD, DAX, GBPUSD, Orient Paper Inc. (AMEX: ONP), Hi-Tech Pharmacal Co. Inc (NASDAQ: HITK), DryShips, Inc. (NASDAQ: DRYS), and Darden Restaurants, Inc. (NYSE: DRI).Reuters Biz: Global chip sales up 4.5 percent in May versus April: SIA http://link.reuters.com/xyj95m

Reuters Biz: China braces for AgBank IPO price as books close http://link.reuters.com/keg95m

CNBC: MacDonald: Damage from Gulf Disaster Will Last Lifetime http://bit.ly/alXalD #oilspill

FT: US banks woo wealthiest clients: Competition is heating up in the sector as banks aggressively hire staff and conj… http://bit.ly

FT: Investors fear rising risk of US regional defaults: Investors are worried that the risk of default for US local go… http://bit.ly/cYTrZB

Yahoo! Finance: Troubled Toyota recalls 92K Lexus, Crown cars in Japan, starting world action on engine defect http://yhoo.it/cWvL8y

DailyFinance: Nissan to Almost Double Mileage with Hybrid Infiniti http://bit.ly/cHLjtA

DailyFinance: BP Stock Rises as Company Says It Won’t Issue New Shares http://bit.ly/9Q3xQt

Douglas A. McIntyre

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