SLQT - Hot Stocks: SLQT drops on earnings; NSSC hits 52-week high; HIL jumps on revised merger deal; AZRE plummets

Stocks endured ongoing selling pressure on Monday. The Nasdaq led the decline, falling another 1%, as Wall Street added to the losses posted on Friday following Federal Reserve Chair Jerome Powell's hawkish statements on inflation and interest rates.

Amid the overall negative sentiment, Azure Power ( AZRE ) represented one of the day's worst performing stocks. Shares plunged more than 40% as the company disclosed a probe prompted by a whistleblower's complaint.

Elsewhere, SelectQuote ( NYSE: SLQT ) also suffered a retreat. The stock lost nearly a quarter of its value in the wake of quarterly financial figures.

Meanwhile, some stocks bucked the day's overall downward trend. Hill International ( HIL ) jumped on a revised merger deal, while NAPCO Security ( NSSC ) pushed to a 52-week high on earnings news.

Standout Gainer

Hill International ( HIL ) surged about 20% after the company revised a merger deal with Global Infrastructure Solutions, including an enhanced merger price.

The amended merger deal included a purchase price of $3.40 per share, or a total of $207M. The previous agreement, signed in mid-August, called for a price of $2.85 per share.

HIL jumped 57 cents to close at $3.37. The advance added to gains posted when the original merger deal was announced earlier in August. Shares have climbed about 72% in 2022.

Standout Decliner

Headlines surrounding a whistleblower complaint sent Azure Power ( AZRE ) reeling. The stock plunged 44% in the wake of the news, which included the departure of its CEO.

The company said that it received a whistleblower complaint alleging possible misconduct at a plant belonging to one of its subsidiaries. Reviewing the charges, AZRE said it has found "deviations" from safety and quality norms.

Meanwhile, the company's chief executive, Harsh Shah, resigned after just a couple months on the job.

AZRE plunged $4.61 to close at $5.85. During the session, the stock reached an intraday 52-week low of $5.61.

Notable New High

Investors cheered the latest earnings report from NAPCO Security ( NSSC ), with the stock jumping almost 12% on the results. The rally also took NSSC to a 52-week high.

The security products maker said its Q4 sales rose 22% from last year. The expansion was led by growth in recurring service revenue, which saw a 33% jump.

The company showed growth on its bottom line as well. Adjusted EBITDA rose 29%, while operating income climbed 25%.

Spurred higher by the results, NSSC rose $3 to close at $28.46. The advance built on gains posted over the last three months.

During the session, shares reached an intraday 52-week high of $28.86. NSSC has now rallied about 88% from a 52-week low of $15.39 reached in May.

Notable New Low

SelectQuote ( SLQT ) retreated in the wake of a weak quarterly report . Shares plunged nearly 23% to reach a 52-week low.

The company reported a Q4 net loss from operations of $118.7M compared to a profit recorded in the same period last year. Meanwhile, revenue plunged 25% to $139.4M.

Looking ahead, SLQT predicted revenue for fiscal 2023 of $850M to $950M.

Based on the quarterly results, SLQT finished at $1.40, a decline of 41 cents. Shares also touched an intraday 52-week low $1.36. Overall, the stock has lost about 85% of its value since the end of 2021.

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