Yahoo Finance Trending tickers: Google | Anglo American | Walgreens | Ocado
Google (GOOG)
Google stock was still rising in premarket trade on Friday, after seeing a jump of more than 5% on Thursday following the announcement of its Gemini AI model. The new software is setting out to compete with the likes of ChatGPT, as well as efforts from Meta and Microsoft.
The search giant didn't say whether it intends to monetise Gemini across its product suite following its launch, but it did say it would roll it out to customers through Google Cloud in December.
Execs added that its model outperforms ChatGPT-3.5's chatbot.
The move comes following unrest at incumbent market leader OpenAI, as CEO Sam Altman was unceremoniously ousted by the board, before making a comeback.
It also comes following the launch of Microsoft's Copilot, a product powered by ChatGPT which is plugged into Word, Excel and other programmes in the office suite.
Anglo American (AAL.L)
Miner Anglo American's stock nosedived on Friday in European trade, as it laid out plans to slash production in a bid to cut costs.
By around 11am the stock was trading 7.5% lower after the plans, which will result in a 4% drop in production next year, were revealed.
The company said the decisions were made “in the face of ongoing economic and geopolitical volatility and the current cyclical weakness in PGMs (platinum group metals) and diamonds."
The cuts cut lower its capital expenditure by $1.8bn (£1.5bn) between the current year and 2026.
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Walgreens Boots Alliance (WBA)
Walgreens stock continued to head higher on Friday after it jumped around 7% on Thursday.
The price bump came after a New York court ruling which is expected to address the evidence regarding the safety of a drug used by pregnant women called Tylenol.
Lawsuits had alleged that prenatal use of a key ingredient in Tylenol might increase the risks of autism and ADHD in children. Those selling products containing the ingredient deny any evidence that this is the case, despite around 440 lawsuits alleging it.
The outcome of this decision could potentially dismiss current lawsuits or pave the way for a raft of other cases.
Ocado (OCDO.L)
Ocado stock headed more than 4% higher before lunch on Friday, after a volatile week, making it one of the top gainers in the FTSE 100.
Ocado saw its shares rise more than 3% on Wednesday, before later paring back some gains, after an upgrade by JP Morgan (JPM) from ‘sell’ to to ‘neutral’.
The investment bank said it sees a brighter outlook for the European internet sector next year, based on improvements in profitability and cash flow, an expected fall in bond yields, and increased M&A activity.
“Having favoured the high margin, low debt (often net cash) names in the online classifieds sector in the past two years, we now turn our sector preference towards names with strong earnings momentum, higher leverage & scope for M&A,” the lender said.
As a result, JP Morgan upgraded the company and increased its price target to 600p from 400p.
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