DETROIT, Jan. 14, 2019 /PRNewswire/ -- Benzinga announced today that it will be teaming up with Stocksnips, a real time sentiment data provider, to deliver the newest version of the Sentiment Data (V3).
The new product will consume Benzinga's news alongside a whole host of other financial news content to produce a sentiment score that provides an alternative signal for stock price movements. V3 benefits from AI and machine learning intelligence that Stocksnip's brings to the table & Benzinga's experience as a data distributor. The data will be offered via CSV or API.
Stocksnips Version 3 sentiment data highlights:
- Enhanced algorithms for improved accuracy of attribution of news snippets to companies. This has resulted in lower number of false positives.
- Sentiment signal incorporates a memory-based model to ensure that the impact of past and current news is weighted appropriately. We conducted a study to determine reliability and construct validity of our signal. The results show that there is a high signal to noise ratio with strong construct validity.
- Our analysis indicates a much higher correlation to price movement versus pure social media driven sentiment signals
- Coverage for over 2000+ US equities for 3 years (2016 – 2018)
- Sector and Index level sentiment shows good correlation with corresponding ETFs and index values
"Working with Stocksnips exemplified how quality products result from great partnerships," said Benzinga's VP of Data Ops, John Bolton. "We're excited to use our skills as a data distributor and media company to deliver the data in a streamlined way to our clients."
"Our new algorithms are based on extensive research. We have tested across 2000+ stocks to ensure that news sentiment is a valid and reliable construct and will be an useful alternative signal when combined with other fundamental and technical datasets." – Ravi Koka, Founder and President of Stocksnips Inc
Read more about Benzinga's market and alternative data APIs at cloud.benzinga.com and visit the Stocksnips website at Stocksnips.net.
StockSnips is a Pittsburgh based company founded by computer and data scientists. Our vision is to provide easy access to stock market news sentiment analysis to investors. Understanding market sentiment trends can provide an edge and our aim is to provide high-quality alternative data that can be easily integrated with traditional data sources. Our current products are an outcome of research conducted by data scientists working with active investors and investment experts.
Benzinga is a dynamic and innovative financial media outlet that empowers investors with high-quality, unique content that is sought after by Wall Street's top traders. Benzinga provides timely, actionable ideas that help users navigate even the most uncertain and volatile markets – in real-time with an unmatched caliber.