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'Fast Money' Recap: After-Hours Tech Party

NEW YORK (TheStreet) -- The markets reversed early losses and ended mixed Thursday.

The Dow Jones Industrial Average rose 22.10, or 0.21%, to 10,594.83. The S&P 500 slipped 0.41, or 0.04%, to 1,124.66, while the Nasdaq gained 1.93, or 0.08%, to 2,203.25.

Joe Terranova said on CNBC's "Fast Money" show that Oracle (ORCL), which posted a strong earnings report, picked up some momentum with the appointment of Mark Hurd as a co-president and two new systems combining Oracle's software with Sun's hardware systems

However, he said he may reduce his position Friday in the stock, which was up 4% in afterhours trading.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Guy Adami said Oracle crushed on new licenses and is fairly cheap in terms of valuation. Pete Najarian said Oracle's growth is coming at the expense of its arch competitor SAP (SAP).

Melissa Lee, the moderator of the show, cited reports Hurd saying in the conference call that Oracle plans to spend $4 billion on research and development in 2010 and add to its product portfolio.

Najarian said it's a good time for investors to take advantage of the sharp decline in volatility in the stock to buy some puts.

The other tech stock that was soaring in afterhours was Research In Motion (RIMM), which was up more than 8%.

Lee said RIM reported shipping 12.1 million smartphones for the quarter and better-than-expected gross margins. Adami said the stock made a huge move, while Karen Finerman said this was not the kind of news that the short sellers were hoping for.

Terranova said those who played it aggressively from the short side made the mistake of equating RIM with Palm (PALM). He said the shorts will be spending the next several days unwinding. He said the new point of reference for those who want to get in the stock will be $40 to $45.

Brian Kelly, who was listening on RIM's conference call, said the company called the Torch's debut the best launch ever for the company. He also said the company is seeing growth in prepaid and in emerging markets such as India.

However, he said the company also said in its guidance that margins might be lower than expected in the next couple of quarters.

Adami said that conflicting information might cause a wild tussle between the bears and bulls over the stock. Lee said one analyst, Colin Gillis, of BGC Financial, wasn't initially impressed with the level of net subscriptions and the quality of the earnings.

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