BALTIMORE (Stockpickr) -- Put down the 10-K filings and the stock screeners. It's time to take a break from the traditional methods of generating investment ideas. Instead, let the crowd do it for you.
From hedge funds to individual investors, scores of market participants are turning to social media to figure out which stocks are worth watching. It's a concept thats known as "crowdsourcing," and it uses the masses to identify emerging trends in the market.
Crowdsourcing has long been a popular tool for the advertising industry, but it also makes a lot of sense as an investment tool. After all, the market is completely driven by the supply and demand, so it can be valuable to see what names are trending among the crowd.While some fund managers are already trying to leverage social media resources like Twitter to find algorithmic trading opportunities, for most investors, crowdsourcing works best as a starting point for investors who want a starting point in their analysis. Today, we'll leverage the power of the crowd to take a look at some of the most active stocks on the market today. >>5 Rocket Stocks to Buy as Stocks Test New Highs These "most active" names are the most heavily-traded names on the market -- and often, uber-active names have some sort of a technical or fundamental catalyst driving investors' attention on shares. And when there's a big catalyst, there's often a trading opportunity. Without further ado, heres a look at today's stocks. International Game Technology
Nearest Resistance: $15
Nearest Support: N/A
Catalyst: Cost Cutting Measures, Outlook Shares of International Game Technology (IGT - Get Report) are down 8.5% this afternoon, following news that the firm would be reducing its workforce by 7% as a cost cutting measure. The cuts are needed to combat a lowered outlook for 2014 -- the firm expects earnings per share between $1 and $1.10, down from an earlier forecast of $1.28 to $1.38. While today's selloff didn't break the chart from a technical standpoint, that should come as cold comfort to IGT investors right now; shares are still very much in a downtrend right now. That means that lower levels look likely for the foreseeable future. With the 50-day moving average acting like a solid proxy for resistance right now, it makes sense to stay away from IGT until shares can crack that level.