The Twitter-24/7 Wall St. Market Report (3/24/2011) Best Buy EPS, Portugal Bailout, Jobless Claims

Twitter  has, by most estimates, 175 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 tweets are a sign of which companies the Twitter universe is interested in. Together, these financial sites are followed by nearly 1,000,000 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

Bloomberg: Worst Texas Drought in 44 Years Hits U.S. Wheat, Beef Supplyhttp://bloom.bg/eRBxoC

BBC: China ‘is to overtake US by 2030’ http://bbc.in/fzFORj

NYT: Borrowing Costs Hit New High for Portugal http://nyti.ms/eV0qFu

FT: Eurozone crisis nears crux: Portugal’s prime minister has resigned on the eve of a European Union summit that…http://on.ft.com/ibabFU

Zerohedge: Initial claims 382 on 383 expected, previous revised up 385k

MarketWatch: Best Buy expects ‘challenges in the macro environment’ to check growth in fiscal 2012 http://on.mktw.net/hTlonw

CNBC: Best Buy $BBY earnings top expectations, revs/guidance for FY 2012 slightly below expectations – http://data.cnbc.com/quotes/bby

Reuters: Toyota to restart hybrid output http://dlvr.it/LJQXk

Reuters: Slower growth could hurt UK AAA rating: Moody’s http://dlvr.it/LJQXb

USA Today: Portugal edges toward bailout after government quitshttp://usat.ly/e573R2

Douglas A. McIntyre