Movement in the Market: Tech, Pharma, and Mining Stocks

On Friday, the stock market witnessed significant movements in multiple sectors, including technology, pharmaceuticals, and mining.

Google (GOOG)

The technology sector was abuzz as shares of Google climbed in response to the announcement of its innovative Gemini AI model. This new development seeks to challenge existing AI platforms like ChatGPT and those emerging from companies such as Meta and Microsoft. Although Google hasn't detailed plans for monetizing Gemini, the company shared intentions to make it available via Google Cloud come December. The tech giant also claimed superiority of Gemini over ChatGPT-3.5's capabilities.

This news comes amidst turbulence at OpenAI, where CEO Sam Altman was temporarily replaced. Moreover, Google's move paralleled the introduction of Microsoft's Copilot, a tool incorporating ChatGPT within its office software suite.

Anglo American (AAL.L)

Facing different circumstances, shares of mining conglomerate Anglo American plummeted due to their announcement to curtail production as a cost-cutting measure. The company's stocks fell by 7.5% by mid-morning after disclosing a 4% production decrease planned for the upcoming year, a response to the current economic instability and declining prices of PGMs and diamonds. These production cuts are aimed to reduce capital expenditure by $1.8 billion through 2026.

Walgreens Boots Alliance (WBA)

In the pharmaceutical domain, Walgreens stock trended upward after a 7% surge the day prior. This increase was fueled by a key court ruling in New York concerning the safety of Tylenol for pregnant women. While some lawsuits argue that a primary ingredient in Tylenol raises autism and ADHD risks in children, manufacturers refute such claims. The court's decision could either dismiss these lawsuits or potentially open the door for more cases.

Ocado (OCDO.L)

Lastly, in the trading sector, online grocer Ocado's shares lifted more than 4% before noon that same day, reflecting a week of ups and downs. JPMorgan's revision of Ocado's rating, from 'sell' to 'neutral', caused its stocks to initially jump by over 3%. The bank's optimistic view on the European internet sector's profitability, bond yields, and the potential for mergers and acquisitions played into the increased stock valuation. Following this, JPMorgan raised Ocado's price target to 600p from 400p.

Google, AngloAmerican, Walgreens, Ocado