'Fast Money' Recap: Google Trade

NEW YORK (TheStreet) -- The markets were mixed Thursday as tech and financial stocks showed weakness.

The Dow Jones Industrial Average added 14.16, or 0.12%, to 12,285.15. The S&P 500 edged up 0.11, or 0.01%, to 1,314.52. The Nasdaq fell 1.30, or 0.05%, to 2,760.22.

The trading panel for CNBC's "Fast Money" show turned their attention to Google(GOOG), which was trading lower in afterhours following an earnings miss.

Joe Terranova cited a number of reasons in the earnings report for the selloff, including rising costs, margins that didn't meet Street expectations, challenges from Apple(AAPL) and Facebook, and internal restructuring.

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

Karen Finerman called the stock a value trap. She said investors were sticking to the sidelines. She said it was still too early to comment on the new hierarchy headed by CEO Larry Page and expressed her worries about the possibility of a long antitrust review.

Tim Seymour had a more upbeat view of the earnings. He stressed the beat on the top line and downplayed the pennies miss on the bottom line. He said he would buy on weakness.

Jon Fortt, CNBC reporter who was listening to the conference call, said Page was happy with the earnings results. Fortt said the executives were focusing on the growth numbers, but he said one has to wonder whether a higher head count (Google hired 2,000 employees in the past quarter) will result in higher revenues.

Melissa Lee, the moderator of the show, said she was amazed at the brevity of Page's comments -- 370 words -- and how there was no mention of a vision for the company.

Brian Kelly followed up, saying he wouldn't touch the stock until he knew what the growth strategy is.

But Ryan Jacob, CIO of Jacob Asset Management, which has a large stake in Google, said he was pleased with the results, adding it was good opportunity to add to the stock.

Jacob said Google is expected to bring in $40 billion in revenue in 2011 and is strategically positioned in growth areas such as operating systems for mobile devices, search and video. He said he was impressed with Google's cash flow and pleased with its income and balance sheets.