The Twitter-24/7 Wall St. Stock Market Report 7.1.2010 The Wisdom Of Crowds

By Douglas A. McIntyre Published Jul 1, 8:25AM EDT

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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 most tweeted stocks on StockTwits are Tesla Motors Inc. (NASDAQ: TSLA), BP plc (NYSE: BP), Dendreon Corp (NASDAQ: DNDN), Netflix, Inc (NASDAQ: NFLX), and Amazon.com Inc (NASDAQ: AMZN).WSJ: Toyota says 270,000 vehicles globally, including luxury Lexus sedans, have faulty engines.http://wsj.com

WSJ: Microsoft kills Kin mobile phone less than two months after launch.http://wsj.com

FT: BP seeks to raise more funds http://bit.ly/aUyZWK

MarketWatch: Microsoft scrapping its Kin mobile phones after less than two months of sales http://on.mktw.net/biwUs8

Reuters Biz: Chinese economy cools as tightening biteshttp://link.reuters.com/sys25m

Reuters Biz: Microsoft pulls plug on Kin phones http://link.reuters.com/xym25

Yahoo! Finance: Toyota says 270,000 vehicles have faulty engines worldwide; reports say autos to be recalled http://yhoo.it/dA5mZz

Yahoo! Finance: 1.3 million unemployed won’t get benefits restored after Senate fails to overcome filibuster http://yhoo.it/au1h6a

Douglas A. McIntyre

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.