The Twitter-24/7 Wall St Market Report (6/2/2011) Jobless Claims, OPEC Up, May Retail

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.

Zerhedge: Another Economic Disappointment: Initial Claims At 422K On Expectations Of 417K http://is.gd/2UMTFn

CNNMoney: Another Economic Disappointment: Initial Claims At 422K On Expectations Of 417K http://is.gd/2UMTFn

MarketWatch: Weekly U.S. jobless-benefits claims edge down http://on.mktw.net/lAc5YN

MSNBC: Picky shoppers lead to mixed May for retailers http://on.msnbc.com/koMVKq

WSJ: Starbucks Tightens Focus on Mainland China Market http://on.wsj.com/iNuG03

ZeroHedge: Target May same-store sales up 2.8% vs. Exp. 3.5%, Gap May same-store sales down 4% vs. Exp. down 0.7%

Bloomberg: OPEC: World needs another million barrels of oil per day to meet demand | http://bloom.bg/mBm

Yahoo! Finance: OPEC mulls oil supply target hike to calm prices http://yhoo.it/lT1Ccb

Douglas A. McIntyre