The Twitter-24/7 Wall St. Market Report (5/27/2011) Greek Debt, US Personal Income

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.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.

Yahoo! Finance: Yandex over-allotment option takes IPO to $1.43 billion http://yhoo.it/iAGFpE

Reuters: Consumer spending tepid in April http://reut.rs/iPqJiz

NYT: Greece Strives for Consensus on New Austerity Package http://nyti.ms/ljYO9k

Yahoo! Finance: Greeks hold crunch austerity talks amid aid threat http://yhoo.it/isWRnG

CNNMoney: PayPal is suing Google for allegedly stealing its employees and trade secrets. http://bit.ly/khE1Ay #tech $GOOG $EBAY

Reuters: Brent at $115 as dollar falls, euro zone concerns http://reut.rs/m4cJj3

MarketWatch: U.S. personal incomes and spending edge up in April; stocks strengthen http://on.mktw.net/iKHYjh

CNNMoney: Personal Income Up 0.4% in Line with Estimates; Spending Rises 0.4% Vs. 0.5% Estimate

Douglas A. McIntyre