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 that's 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.
Without further ado, here's a look at today's stocks.
Nearest Resistance: $67.50
Nearest Support: $55
Catalyst: Alliance Boots Deal
Drugstore chain Walgreen (WAG) is down more than 12.5% this afternoon on big volume, following news that the firm planned to acquire the rest of pharmacy and beauty retailer Alliance Boots for $15.3 billion in cash and stock. The deal gives WAG significant exposure to overseas markets, though Walgreen announced that it no longer plans on pursuing a tax inversion.
Investors aren't thrilled with the announcement, as evidenced by the big drop in shares of Walgreen this afternoon. This isn't some minor speed bump for WAG's stock: this move just broke WAG below its long-term uptrend. That's a glaring sell signal for shares of this pharmacy chain today.