The stock market continued to slide on Friday, adding to substantial losses on Thursday. Fears about the impact of tighter monetary policy were especially hard on the Nasdaq Composite (^IXIC -0.13%) and its high proportion of high-growth stocks. The Nasdaq was down about a half a percent as of noon ET, having clawed back more extensive losses from earlier in the session.

As we've seen repeatedly throughout this period of turbulent markets, some Nasdaq stocks were able to eke out hard-earned gains. Among them today were Texas Roadhouse (TXRH 0.93%) and Universal Display (OLED 0.72%), as investors took their latest financial reports positively. You'll find the details below.

Person cutting into a steak on a plate.

Image source: Getty Images.

Results you can sink your teeth into

Shares of Texas Roadhouse were up nearly 7% on Friday afternoon. The steakhouse chain reported first-quarter financial results that showed the rebound in interest from dining patrons since earlier in the COVID-19 pandemic.

Texas Roadhouse saw many key numbers jump substantially in the quarter. Revenue was up 23% year over year to $987 million. Comparable restaurant sales were 16% at company-run locations and 20.4% at franchisee locations domestically. Net income managed to post a 17% rise from the same period a year ago, producing earnings of $1.08 per share.

However, Texas Roadhouse did have to deal with some of the challenges its restaurant stock peers have faced. Commodity inflation weighed in at 17%, and that hurt restaurant-level margin. Wage and labor inflation are also putting pressure on Texas Roadhouse's cost structure.

Looking ahead, Texas Roadhouse still expects positive comps for 2022, with 25 new restaurant openings and ongoing growth initiatives. With a massive $300 million stock repurchase program in place, many have high expectations that the steakhouse chain can keep up its positive momentum well into the future.

Universal Display shows a bright future

Shares of Universal Display were up nearly 5% Friday afternoon. The maker of organic LED (OLED) technology reported solid first-quarter results that inspired shareholders to have new confidence in the company's future prospects.

The numbers for Universal Display were somewhat mixed. Revenue climbed 12% year over year to $150.5 million, with strength in both material sales and royalty and license fee revenue. However, the cost of materials for Universal Display soared more than 40% from year-ago levels. That led to slight declines in operating income and net income, with earnings coming in at $1.05 per share for the period.

Investors took heart in the fact that Universal Display reiterated its guidance for the full 2022 year. In particular, the OLED producer believes its revenue will come in between $625 million and $650 million over the course of the year. That would represent a 13% to 17% jump in revenue from 2021 levels, and although that certainly can't match the 29% sales gains Universal Display enjoyed last year, it would nevertheless keep growth at a healthy pace.

Many investors have hoped that the rise of 4K television technology would spur greater interest in Universal Display. Now that inflation concerns are starting to impact discretionary spending, it's less clear whether the OLED display specialist will fully cash in on this opportunity in the near term. Nevertheless, shareholders seem to be taking a positive attitude this Friday in hopes that recessionary fears will prove to have been overblown.