The Twitter-24/7 Wall St. Market Report (7/28/2011) Sony Disaster, Exxon Wins

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.

NYTimes: Credit Suisse to Cut 2,000 Jobs After Earnings Fall http://nyti.ms/qUP5Yt

NYT: Disaster Drives $199 Million Quarterly Loss for Sony http://nyti.ms/pOwXWb

CNNMoney: Exxon Mobil posts quarterly profit of $10.7 billion, up 41% from the previous year. Revenue rises to $125.5 billion. http://CNNMoney.com

MarketWatch: Sprint Nextel shares skid 9% as wider loss eclipses subscriber growth, LightSquared deal http://on.mktw.net/pk90z0

Zerohedge: JPM now forecasts gold hitting $1800 by year end

Douglas A. McIntyre