The Twitter-24/7 Wall St. Market Report 10/1/2010 Personal Income Up .5%, BMW Recall, Gold Record

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.

CNN Money: Personal income rises 0.5% in August, the biggest monthly increase so far this year, government says. $$

ZeroHedge: Gold jumps to fresh record

MarketWatch: U.S. personal incomes rise 0.5% in August, while spending increases 0.2% http://on.mktw.net/dxEkvV

MarketWatch: BMW recalling 345,000 cars over power-brake issue: report http://on.mktw.net/d76zGe

MarketWatch: Spot gold prices set fresh record of $1,318.40 per ounce http://on.mktw.net/9t9DyO

Reuters Biz: BMWs and Rolls-Royces recalled over braking issue http://dlvr.it/6GgJc

Reuters Biz: Report to say Waddell stoked flash crash: source http://dlvr.it/6GksX

Reuters Biz: BHP says close to lodging Potash legal challenge http://dlvr.it/6GgJd

DailyFinance: BHP Will Lodge Motion to Remove Legal Obstacle to Potash Bid http://bit.ly/aVGWdm 21 minutes ago via twitterfeed

Douglas A. McIntyre