Hot Stocks: SAIA, TNC surge on earnings news; PINS, SNAP plunge; ZS sets 52-week low

With Intel's earnings the latest in a string of strong quarterly results from the tech space this week, U.S. stocks pushed higher on Friday. This added to a sharp gain the previous day and marked the third consecutive advance for the Nasdaq.

Elsewhere on the earnings front, Saia (SAIA) and Tennant (TNC) both posted double-digit percentage gains following their respective quarterly updates. On the other side of the spectrum, the announcement of financial figures prompted selling in social media stocks Snap (NYSE:SNAP) and Pinterest (PINS).

Meanwhile, Zscaler (ZS) added to a downtrend that has marked trading since its earnings report early last month. With the further slide, the stock set a new 52-week low.

Sector In Focus

In stark contrast to the post-earnings rally experienced by industry behemoth Meta Platforms (META) earlier in the week, social media players Snap (SNAP) and Pinterest (PINS) both suffered notable setbacks following the release of their respective quarterly updates. SNAP dropped 17%, while PINS retreated 16%.

PINS topped projections with its Q1 earnings. However, the firm disappointed investors with its forecast, with revenue growth sluggish and operating costs rising. Meanwhile, SNAP reported its first-ever revenue decline, with sales dropping 7%.

PINS dropped $4.27 to close at $23. With the slide, shares recorded their lowest close since early January. The stock has given up gains posted earlier in the year and is now basically flat for 2023.

SNAP finished Friday's trading at $8.71, a decline of $1.79 on the day. The stock returned to its lowest close since late December.

Standout Gainer

Despite a stagnant revenue figure, Saia (SAIA) surged after the announcement of its quarterly results, boosted by a Street-topping earnings figure. Shares jumped 15% on the news.

The transportation provider reported Q1 GAAP EPS of $2.85, exceeding analysts' consensus by $0.16. This came despite revenue that was basically flat with last year at $660.5M.

"Despite the softer freight environment we are working through, we still had a constructive quarter in terms of our pricing discussions with customers and we posted a 4.5% increase in yield excluding fuel surcharge in the quarter," the company's CEO said.

SAIA closed Friday's session at $297.77, a rise of $37.85 on the day. The stock set its highest close since early 2022, although it failed to set a new intraday 52-week high, which was established at $306.40 in February.

Notable New High

The release of better-than-expected quarterly results sent Tennant (TNC) to a new 52-week high, with the stock surging nearly 15%.

The maker of cleaning products revealed net income that more than doubled from last year. Meanwhile, adjusted EPS came in well above analysts' projections, with sales that surged 19% to reach $305.8M.

Bolstered by the earnings news, TNC surged to an intraday 52-week high of $76.45. The stock closed just off that level, ending the day at $76.42 and rising $9.96 on the session. Overall, shares have climbed 23% in 2023 and 31% over the past six months.

Notable New Low

With another drop of 4% on Friday, Zscaler (ZS) continued a slide that began early last month in the wake of its quarterly update. Shares reached a new 52-week low.

ZS ended the day at $90.10, a decline of $3.32 compared to the previous close. During the session, shares reached an intraday 52-week low of $87.78.

On March 3, ZS plunged 11% after the cloud security company released its earnings report. While it beat expectations with its quarterly results, investors worried that the firm did not score the "typical massive" beat that they have become accustomed to.

On the session prior to the earnings report, ZS closed at $134.13. Shares have lost about a third of their value since that point. Longer-term, the stock has fallen about 56% over the past year.

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