The Twitter-24/7 Wall St. Stock Market Report 7.20.2010 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 StockTwits are Arena Pharmacueticals (NASDAQ: ARNA), BP plc (NYSE: BP), IBM (NYSE: IBM), EURUSD, Bank of American Corporation (NYSE: BAC), Google (NASDAQ: GOOG),  and SPDR Gold Trust (NYSE: GLD).CNN Money: Recalls hit Johnson & Johnson’s profits http://bit.ly/bAjtc6

CNN Money: Goldman earnings take a tumble http://bit.ly/9yzyjf

Reuters Biz: Goldman Sachs reports lower earnings http://link.reuters.com/bug58m

FT: Intel reaches antitrust accord with FTC: US chipmaker has reached a preliminary settlement with the Federal Trade … http://bit.ly/cNiXgM

MarketWatch: U.S. housing starts drop 5% to an eight-month low http://on.mktw.net/a8JeWj

MarketWatch: Goldman Sachs’ quarterly net profit drops; U.K. bank payroll tax, SEC settlement take toll http://on.mktw.net/9a6P10

DailyFinance: Johnson & Johnson Earnings Rise, but Guidance Lowered Due to Drug Recalls http://bit.ly/dy5Tfr

Douglas A. McIntyre