The Twitter-24/7 Wall St. Market Report (6/8/2011) Greek Debt, OPEC Demands

Twitter  has, by most estimates, 175 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 tweets are a sign of which companies the Twitter universe is interested in. Together, these financial sites are followed by nearly 1,000,000 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.Twitter  has, by most estimates, 175 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.

MarketWatch: McDonald’s CEO cites ‘ongoing sales momentum’ as global comparable sales rise 3.1% in May http://on.mktw.net/jRysV1

Bloomberg: Shrinking valuations drive bank payroll cuts | http://bloom.bg/m4nsJ7

MSNBC: Oil lower as OPEC weighs an output hike http://on.msnbc.com/kFeYam

Reuters: Germany puts Greek restructuring back on table http://reut.rs/kTsg19

Reuters: Mortgage applications slipped last week: MBA http://reut.rs/iEcTqt

FT: Oil falls as Opec discusses production increase: Oil prices fall amid expectations that Opec, the producers’ … http://on.ft.com/l6Ffsj

Douglas A. McIntyre