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.
Nearest Resistance: $7.40
Nearest Support: $6.40
Catalyst: Uber Maps Bid
Nokia (NOK) is catching a bid today, boosted by reports that ridesharing service Uber was making a bid for Nokia's maps business, Here, for as much as $3 billion. The Uber bid comes at a time when Nokia is already considering selling Here to a group of German automakers in an attempt to free up cash for its core business. Shares of NOK are up 2.4% this afternoon on big volume as a result of the move.
Nokia's price action looks stronger than it did a week ago, but shares still face pretty stiff resistance up around $7.40. Until NOK can regain that $7.40 price ceiling, it's probably best to sit on the sidelines with this stock.