The Twitter-24/7 Wall St. Stock Market Report 5.7 The Wisdom Of Crowds?

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 Apple Inc (NASDAQ: AAPL), Procter & Gamble (NYSE: PG), and Citigroup (NYSE: C)

NYT: NYT NEWS ALERT: U.S. Economy Adds 290,000 Jobs in April; Jobless Rate Rises to 9.9%

CNN Money: Employers added 290,000 jobs in April, though 66,000 of those are census hires, government says. Jobless rate rises to 9.9%. $$

CNN Money: AIG swings to profit http://bit.ly/cWu0Tj

Reuters: AIG posts first-quarter profit http://link.reuters.com/xeg23k

FT; China may cling to peg as Athens burns: One of the collateral impacts of the carnage in global markets over the la… http://bit.ly/9wkBjm

Douglas A. McIntyre