The Twitter-24/7 Wall St. Stock Market Report 6.14.2010 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 most tweeted stocks on market aggregator Top Stock Tweets are EURUSD , GBPUSD , Microsoft Corporation (NASDAQ: MSFT), BP plc (NYSE: BP), Apple, Inc. (NASDAQ: AAPL), AUDUSD, Bank of America Corporation (NYSE: BAC), and Oracle Corporation (NASDAQ: ORCL)FT: US wants BP compensation set aside: Adm Allen says he is expecting BP’s response to his latest demands for a revis… http://bit.ly/acrz7k

Yahoo! Finance: Oil Spill Update: Democratic senators calling on BP to put $20B in special account for oil spill damages http://yhoo.it/aJAq2X

Daily Finance: Biz Brief: Fixing Fannie and Freddie Could Cost as Much as $1 Trillion http://bit.ly/bheopD

MarketWatch: Cablevision buys Bresnan Comm. in deal worth $1.37 billion http://on.mktw.net/atyk55

Reuters Biz: UK fiscal watchdog cuts growth outlook http://link.reuters.com/puh89k

Reuters Biz: China’s AgBank seeks record $23 billion IPO http://link.reuters.com/gax79k

Douglas A. McIntyre