The Twitter-24/7 Wall St. Market Report (7/19/2011) Earnings For Bank Of America, Coke, And Goldman Sachs (GS, BAC, KO)

Twitter  has, by most estimates, 225 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.

USA Today: Coca-Cola second-quarter net income rises on overseas growth http://usat.ly/r7FGjI

Zerohedge: Bank of America (BAC) CEO says revenues from outside the US are growing faster than inside the US. Bank of Rest Of The World?

Fortune: Goldman Sachs shares slump on news of ‘disappointing’ quarter: http://j.mp/o5RnTB

CNNMoney: New homes under construction rise nearly 15% to 629,000 annual rate in June, government says. Building permits climb 2.5%.

MarketWatch: Coca-Cola posts higher quarterly profit and revenue on CCE acquisition, volume growth http://on.mktw.net/pAhGtO

CNBC: Bank of America $BAC Posts Loss, Hurt by Mortgage Settlement

NYT: DealBook: Bank of America Reports Loss of $8.8 Billion http://nyti.ms/rlEUoz

NYT: Bank of America Reports Loss of $8.8 Billion http://nyti.ms/qoPb4o

BBC: Spain’s borrowing costs increase http://bbc.in/oX4tWG

NYT: Goldman Sachs Reports Dissapointing Profit of $1.05 Billion http://nyti.ms/njPEJ8

Douglas A. McIntyre