PINS - Hot Stocks: SNAP leads social media stocks lower; VZ SIVB drop on earnings; HCA rallies

Stocks dropped on Friday as a handful of high-profile earnings disappointments triggered profit-taking after a three-day winning streak. The Nasdaq led the retreat, falling by 1.9%.

Verizon ( VZ ) and Snap ( NYSE: SNAP ) were among the major post-earnings decliners. VZ plunged to a multi-year low after missing expectations with its latest results. Meanwhile, SNAP led a pullback in social media and internet names, with Pinterest ( PINS ), Meta Platforms ( META ) and Alphabet ( GOOG )( GOOGL ) also losing ground.

Elsewhere, earnings news prompted selling in SVB Financial ( SIVB ). Shares recorded a double-digit percentage decline after he bank missed expectations with its latest results and revealed downbeat guidance.

Bucking the overall trend for the day, HCA Healthcare ( HCA ) posted notable gains after its own earnings report exceeded analysts' projections.

Sector In Focus

The latest financial figures from Snap ( SNAP ) prompted general worries about digital ad spending, sparking a broad retreat among social media and internet stocks.

SNAP itself dropped 39% after the company reported sluggish Q2 revenue and declined to give a forecast for Q3. This stirred general economic worries, with the idea that inflation and slowing growth are forcing consumers to cut back on discretionary spending.

In this environment, other stocks in the sector suffered as well. Pinterest ( PINS ) dropped almost 14%, while Meta Platforms ( META ) retreated nearly 8%. Alphabet ( GOOG )( GOOGL ) lost 6%.

Twitter ( TWTR ) held up better than the rest of the sector, buoyed after the release of its own quarterly report . The stock posted a fractional gain on the day.

Standout Gainer

HCA Healthcare ( HCA ) received significant buying interest following the release of better-than-expected quarterly results .

With labor shortages and inflationary pressures, the hospital operator said its adjusted EBITDA fell 6%. Still, the company's non-GAAP EPS topped expectations. Meanwhile, revenue climbed about 3% to $14.8B.

HCA finished Friday's trading at $202.03, a rally of $20.70 on the day. The advance allowed the stock to come further off a 52-week low of $164.47 set in early July. Shares also recorded their highest close in more than a month.

The stock had reached a 52-week high of $279.02 in April but recorded a massive selloff from there after the company slashed its 2022 forecast based on the impact of high labor costs.

Standout Loser

SVB Financial ( SIVB ) dropped 17% following the release of its quarterly report. The slide came amid disappointing Q2 results and lowered guidance.

The regional bank reported Q2 earnings that fell sharply from last year and came in below the amount analysts were predicting. SIVB also disclosed a sharp increase in its provision for credit losses, which now sits at $196M.

Looking ahead, the company lowered its forecast for loan and deposit growth. SIVB cut its target for net interest income growth as well.

Notable New Low

The release of disappointing earnings prompted selling in Verizon ( VZ ). Shares dropped almost 7% after the telecom giant's earnings came in below the amount analysts were predicting.

The company also lowered its adjusted EBITDA guidance, saying it could now see a decline for 2022. VZ had previously predicted growth of 2% to 3%.

VZ dropped $3.22 to close at $44.45. During the session, the stock reached a low of $43.76 -- its lowest level since 2017. Adding to weakness seen in April, shares have declined about 15% in 2022.

For more of the day's best- and worst-performing stocks, head over to Seeking Alpha's On The Move section .

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