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'Fast Money' Recap: Amazed by Amazon

NEW YORK ( TheStreet) -- Markets opened lower Thursday but the S&P 500 was able to fight through and closed marginally higher during a busy earnings week.

Amazon (AMZN) was the big name reporting earnings after the close on Thursday. The company posted a surprise quarterly loss of 2 cents per share on lower-than-expected revenue.

Steve Grasso said on CNBC's "Fast Money" TV show that although it bothers the bears, Amazon is still priced as a growth stock. While it can drop $20 or $30 per share rather quickly, it has always had a "buy the tip" type of price action.

Guy Adami added that if the stock was valued on its earnings alone, it would be trading for $150. But as long as operating margins continue to improve, he think investors can continue to own it. He cited a pullback to roughly $280 would be a good place to buy.

Josh Brown said that near $280 the stock would be a buy. He added that the earnings report wasn't very good, and certainly did not justify another leg higher without a pullback.

Brian Kelly took the pullback side and the breakout side. He said if the stock was over $305 on Friday, he would look to buy the momentum. But should that fail, he will look to buy around $280 on the pullback.

Another earnings mover was Expedia (EXPE), down over 20% in the after-hours trading session after missing on top- and bottom-line estimates.

Brown said the travel Web sites stocks are some of the biggest winners, and he doesn't understand why they trade at such high valuations. He cited intense competition and profit margin compression as reasons not to buy the deep dip.

Kelly added investors are telling the market that it is an industrywide issue, rather than stock-specific issue, with stocks like (PCLN) and Orbitz Worldwide (OWW) also down in after-hours trading.

Facebook (FB) was Thursday's big winner, up nearly 30% on the back of a huge earnings beat on Wednesday. Kevin Landis, president of Firsthand Capital Management, said he continues to like the name. He cited strong mobile user growth and ad revenue as reasons for why the company still has plenty of upside left.
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