Hot Stocks: PANW, LZB surge on Street-topping results; ZIP drops on guidance; TCX hits 52-week low
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The major U.S. equity averages finished with a mixed performance on Wednesday, as hawkish signs from the Federal Reserve continued to weigh on the market. The S&P 500 and Dow ended lower, adding to a sharp slide seen during the previous session. The Nasdaq eked out a thin gain.
Looking at individual stocks, Palo Alto Networks (NASDAQ:PANW) posted a double-digit percentage gain after issuing better-than-expected financial figures. La-Z-Boy (LZB) also jumped on earnings news, surging to a new 52-week high.
Among notable decliners, ZipRecruiter (ZIP) lost nearly a quarter of its value after warning about the impact of a hiring slowdown in 2023. Meanwhile, Tucows (TCX) accelerated a recent downtrend to reach a new 52-week low.
Standout Gainer
Palo Alto Networks (PANW) surged on earnings news, with shares of the cybersecurity firm jumping nearly 13%. The upswing came as the company breezed by expectations with its Q2 results.
With billings rising 26% from last year, PANW posted a quarterly profit of $1.05 per share, surpassing analysts' consensus, which called for a figure of $0.78 per share. Revenue jumped 26% to reach $1.66B.
Following the earnings news, PANW finished the session at $187.75, an advance of $20.86 on the day. The rally extended recent upward momentum. The stock has now climbed 26% in the past month and nearly 36% for 2023 so far.
With the advance, PANW recorded its highest close since September.
Standout Decliner
The release of quarterly results spurred selling in ZipRecruiter (ZIP). Shares of the online recruiting platform cratered 23% after the firm said a hiring slowdown would lead to a sharp revenue drop for 2023.
For its Q4 results, ZIP reported a top-line figure of $210.5M, falling about 4% from last year. This topped analysts' expectations by nearly $5M.
Looking ahead, the company gave a revenue prediction for Q1 with a midpoint of $179M, implying a 21% drop from the previous year. For the full year, ZIP projected a 14% revenue drop, with a forecast midpoint of $780M.
"In the first few weeks of 2023, employers have moderated their hiring plans and reduced recruitment budgets in response to an increasingly uncertain macroeconomic backdrop," the firm's CEO said.
ZIP dropped $5.26 on the disappointing guidance, finishing the session at $17.99.
Shares had been climbing in the months leading up to the earnings report. From a level below $16 in late December, ZIP reached a closing mark of $23.81 on Feb. 17 -- its highest finish since May of 2022. 
Even with Wednesday's slide, ZIP remains higher by 8% for 2023.
Notable New High
Bolstered by Street-topping results, La-Z-Boy (LZB) surged to a new 52-week high, with shares of the furniture maker jumping 15% on the session.
LZB reported non-GAAP EPS of $0.91, surpassing projections by $0.25. Meanwhile, revenue showed a fractional increase from last year, edging up to almost $573M. Analysts had expected a year-over-year decline.
With the results, LZB soared to an intraday 52-week high of $32.74. The stock trimmed its gains a bit before the close but still finished at $31.63. This represented an advance of $4.13 from the previous day's finish.
This rise continued an upswing that began in late December. The stock is now up 37% for 2023 as a whole.
Notable New Low
Tucows (TCX) suffered a notable setback on Wednesday, adding to recent downward momentum. With another 13% decline, the stock set a fresh 52-week low.
Shares of the internet services and telecommunications company finished trading at $25.64, a decline of $3.95 on the day. During the session, TCX touched an intraday 52-week low of $25.60.
Wednesday's slide represented the fourth consecutive day of declines. The stock has fallen 24% over the past week. 
Earlier this month, TCX released its Q4 results, showing a loss for its latest quarter that widened from last year, with revenue that slumped 4%. "Our fourth quarter results show Tucows weathering macroeconomic uncertainty and capital constraints," the company's CEO said.

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