The Twitter-24/7 Wall St. Market Report (6/27/2011) Consumer Spending Killed, French Banks Back Greece

By Douglas A. McIntyre Published Jun 27, 8:55AM EDT

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Twitter has, by most estimates, 225 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.

USA Today: Consumer spending was weak in May, due to high gas prices http://usat.ly/lMCr1o

Zerohedge: Personal Income And Spending Both Lower Than Expected, PCE Deflator Surges, Savings Rate Higher http://is.gd/4dWnKl

NYT: French Banks Ready to Help Greek Bailout http://nyti.ms/iYrIPJ

FT: French banks agree Greek debt rollover: Nicolas Sarkozy confirms a plan that would see banks reinvest in Gree… http://on.ft.com/l6Vy7h

MSNBC: Americans spend at weakest pace in 20 months http://on.msnbc.com/iPCsIj

MarketWatch: U.S. consumer spending in May at low point for nearly a year http://on.mktw.net/jWDcDO

CNNMoney: Greek Parliament is scheduled to vote on austerity provisions, on top of belt-tightening measures implemented last year http://bit.ly/l26P4s

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.

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