The Twitter-24/7 Wall St. Stock Market Report 6.3.2010 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 AT&T, Inc (NYSE: T), Halliburton Company (NYSE: HAL), Oil Services HOLDRs (AMEX: OIH), Transocean Ltd (NYSE: RIG), BP plc (NYSE: BP), and Diebold Incorporated (NYSE: DBD).MarketWatch: U.S. weekly initial jobless claims total 453,000, down 10,000; 4-week average up slightly http://on.mktw.net/9FQQDu

CNNMoney: Number of people filing for first-time jobless benefits falls by 10,000 to 453,000, government says. $$

CNNMoney: BP rating downgraded http://bit.ly/9QFEVo

FT: BP ‘not prepared’ for deep-water spill: The chief executive of BP has said the company and the oil industry need t…http://bit.ly/cFkU6x

CNBC: BofA: Mortgage Walkaways Have Huge Incentivehttp://bit.ly/aDqO8N #realestate #mortgage

Reuters Biz: Costco May same-store-sales lower than Street viewhttp://link.reuters.com/zyh97k

Reuters Biz: BP to speak with analysts Friday, shares risehttp://link.reuters.com/guc97k

Douglas A. McIntyre