Hot Stocks: ROST plunges on earnings; DECK rises; cybersecurity rally; BA sets 52-week low
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A late rally allowed the major averages to eke out a mixed performance on Friday. Losses recorded earlier in the day sent the S&P 500 into bear market territory, but a wave of bargain hunting during the final hour of trading pushed the index into the green, however fractionally, by the close.
Cybersecurity stocks were among the winners on the session. Better-than-expected results from Palo Alto Networks (PANW) drove gains in the sector, with CrowdStrike (CRWD) and Zscaler (ZS) also rising.
Earnings news also gave a lift to Deckers Outdoor (DECK). Meanwhile, RCM Technologies Inc. (RCMT) added to its recent momentum, extending its 52-week high.
Turning to some of the day's standout decliners, Ross Stores (NASDAQ:ROST) plummeted more than 20% following the release of disappointing quarterly results. At the same time, Boeing (BA) set a new 52-week low as its 737 MAX still looks a long way away from getting approved for use in China.
Sector In Focus
Strong financial figures prompted gains in Palo Alto Networks (PANW). The good feelings carried over to the rest of the sector, sparking gains in the cybersecurity segment as a whole.
PANW reported quarterly results that topped expectations, with revenue that surged 30% from last year. The company also offered an upbeat forecast for the full year.
Thanks to the earnings report, PANW climbed 10% on Friday. This carried other cybersecurity stocks higher. CrowdStrike (CRWD) advanced about 4%, while Zscaler (ZS) rallied about 3.5%.
Standout Gainer
A strong earnings report allowed Deckers Outdoor (DECK) to post a substantial gain. Shares of the maker of UGG boots climbed nearly 13% on the day.
DECK easily breezed by expectations with its Q4 earnings. Revenue climbed 31% from last year to reach $736M, topping projections by more than $95M.
With the results, DECK ended the session at $255.28, a rally of $28.49 on the day. The advance took the stock off a 52-week low of $212.93 reached earlier in the week. 
However, even with the rally, shares remain lower by more than 30% for 2022. 
Standout Loser
Continuing the week's theme of retailing disappointments, Ross Stores (ROST) plunged 22% following the release of weak quarterly results. 
The company missed expectations for both its top and bottom lines, reporting comparable-store sales that dropped 7% from last year. ROST also saw margin contraction.
The firm pointed to a host of macro factors to explain its weak results. These included higher freight and labor costs and a tough comparison with last year's results, when COVID stimulus helped boost demand.
ROST also offered a weak forecast for the rest of the year. The company projected a decline in comparable-store sales between 2% and 4%.
Dragged down by the quarterly update, ROST plunged $20.83 to close at $71.87. Shares also reached an intraday 52-week low of $69.75.
Notable New High
RCM Technologies Inc. (RCMT) advanced another 5% on Friday, building on gains it has seen since it announced its quarterly results in late April. The advance also allowed the stock to extend its 52-week high.
On April 27, the engineering services company announced quarterly EPS that doubled the amount predicted by analysts. This came on revenue that surged 84% from last year. 
In the wake of this report, RCMT skyrocketed in the following session, jumping nearly 45% on April 28. Since then, the stock has built on its upward momentum, a process that continued Friday with another $1.19 advance. The stock closed the session at $23.01.
Friday's gain also took the stock to an intraday 52-week high of $24.48. RCMT has more than doubled over the past month. Longer-term, shares have jumped more than 500% over the past year.
Notable New Low
Boeing (BA) lost ground on continued signs that the airplane maker will see ongoing delays in its hope to have its 737 MAX cleared for use in China. The news sent the stock lower by 5%, driving it to a new low.
The slide followed details from China Eastern Airlines (CEA), which noted several steps needed for BA's 737 MAX to get Chinese approval. These included aircraft modifications and more pilot training.
Hurt by the news, BA retreated to an intraday 52-week low of $117.08. The stock was able to cut its losses by the end of trading but still finished lower by $6.44, recording a close of $120.70.
Shares have lost ground in stair-step fashion through 2022 so far. BA has dropped nearly 42% since the end of 2021. Longer-term, the stock is coming off a 52-week high of $258.40 set last summer.

For more on the day's biggest winners and losers, head over to Seeking Alpha's On The Move section.