Comparing traditional news and social media with stock price movements; which comes first, the news or the price change?

Journal of Big Data

Table 3 Correlation between News/CEO Twitter Sentiment and Daily Company % Price Movement

Company	Twitter p (r=0)	AP News p (r = 0)	Forbes p ( r= 0)
Accenture	0.8338	0.6956	0.03442
Activision	0.6011	0.2365	0.008021
AMD	0.6377	0.3242	0.7414
Apple	0.48	0.2529	0.6946
Autodesk	0.2202	N/A	N/A
Cisco	0.03662	0.6821	0.6183
Disney	0.3327	0.4325	0.1276
Equinix	0.4516	N/A	N/A
Google	0.7602	0.2813	0.5341
Illumina	0.2104	N/A	N/A
Intuit	0.05836	0.5349	0.9512
Medtronic	0.004417	0.9541	0.00499
Microsoft	0.9298	0.83814	<0.0001
Salesforce	0.3149	0.6389	0.3799
Service-now	0.4996	0.6654	0.4579
Southern Company	0.4735	0.9589	N/A
Starbucks	0.8551	0.06357	0.7678
T-Mobile	0.4474	0.8225	0.7723
Twitter	0.4673	0.538	0.1329
Verizon	0.5091	0.04342	0.07269

We only note six significant correlations (Cisco (R = \(-0.14\)), Medtronic(R = \(-0.408\)), Accenture (R = 0.39), Activision (R = \(-0.44\)), Medtronic (R = \(-0.602\)), Microsoft(R = 0.37)), 4 of which are negative