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Web Data Mining for Stock Analysis

Here is a story form Reuters about an interesting trend in stock analysis. According to this article:

With e-commerce now comprising a larger share of consumer spending than ever before, Web-based data mining has become a rich source to track products sales and generate sales leads.

But instead of sales leads, Majestic uses Web data to track sales and forecast financial results for target companies – ahead of quarterly earnings releases.

According to this article, hedge funds are the early adopters for this service from Majestic Research.