The Twitter-24/7 Wall St. Stock Market Report 5.24 The Wisdom Of Crowds?

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Twitter has, by most estimates, 100 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 tweet are a sign of which companies the Twitter universe is interested in. These financial sites are followed by a combined 625,000 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.

Among the daily top trending  symbols on stock twitter aggregator StockTwits are Google Inc (NASDAQ: GOOG), Chipotle Mexican Grill, Inc (NYSE: CMG), Rambus, Inc. (NASDAQ: RMBS), True Religion Apparel, Inc. (NASDAQ: TRLG), Family Dollar Stores, Inc. (NYSE: FDO), Cliffs Natural Resources, Inc. (NYSE: CLF), VMWare, Inc (NYSE: VMW), and Novell Inc (NASDAQ: NOVL).CNN Money: Oil sputters in choppy trading http://bit.ly/do0xs0

Reuters Biz: IBM to buy Sterling Commerce from ATT for $1.4 billion http://link.reuters.com/tej95k

Reuters Biz: Bank of Spain takes control of savings bank CajaSur http://link.reuters.com/vej95k

MarketWatch: Commentary: BP’s Hayward is haywired on spill, er, leak http://bit.ly/dvk6Cn

FT: Berlin prepares for €10bn yearly cuts: The German government is to begin a drastic budget austerity programme next… http://bit.ly/a24x1k

FT: Anger at White House over oil spill role: The Obama administration faces mounting criticism against its handling o… http://bit.ly/b80fRk

Douglas A. McIntyre

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