The Twitter-24/7 Wall St. Stock Market Report 7.9.2010 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 StockTwits are Netflix Inc (NASDAQ: NFLX), SPX, Madison Square Garden (NYSE: MSG), Tesla (NASDAQ: TSLA), Goldman Sachs Group (NYSE: GS), and Amazon.com (NADSAQ: AMZN)CNN Money: Dollar bounces back vs. euro http://bit.ly/dxKJA5

WSJ: Beijing renews Google’s license to operate in China. http://wsj.com

CNN Money: China renews Google license, ending standoff http://bit.ly/9foYDA

FT: China renews Google web licence: Beijing has renewed Google’s licence to operate in China, http://bit.ly/cZeOVb

MarketWatch: Google shares make pre-market gains on word of China license renewal; Baidu shares retreat http://on.mktw.net/bDXCLs

Yahoo! Finance: Despite the global recession, luxury car makers Mercedes and BMW are seeing significant sales — especially in China http://yhoo.it/affWHw

Douglas A. McIntyre