NEW YORK (

TheStreet

) -- The markets rose modestly Thursday on light trading.

The

Dow Jones Industrial Average

added 4.39, or 0.04%, to 11,989.03. The

S&P 500

added 2.36, or 0.18%, to 1,298.99. The

Nasdaq

rose 15.78, or 0.58%, to 2,755.28.

Amazon.com

(AMZN) - Get Report

was trading down in afterhours trading after a fourth-quarter revenue miss.

Karen Finerman said on

CNBC

's "Fast Money" TV show that Amazon didn't have a "horrible quarter" but that she was concerned about its high valuation and the ability of the company to sustained its extremely high multiple.

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

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She said she would consider looking at the stock if its multiple gets down to the 30's, as opposed to 74, where it is at now.

Joe Terranova said the momentum behind the stock has changed. He said investors will be looking at Amazon's potential going forward, especially its fulfillment centers.

Terranova said Amazon's revenue growth of 30% had been priced into the stock. He said it is going to be struggling from the holiday season to the middle of the year. He said he expects analysts to bring down their estimates Friday.

Jon Najarian said the time to buy Amazon is when it is going up. He said the stock is heading down, to the $150's. Tim Seymour said he didn't own the stock, but that he was going to wait for the stock to settle down.

CNBC

reporter Scott Wapner, who was in on the Amazon call, noted a slowdown in Amazon's sales overseas as well as disappointing gross margins.

Microsoft

(MSFT) - Get Report

was holding its own in afterhours after better-than-expected results.

What caught the attention more than the results was the early release of the earnings.

CNBC

senior stocks commentator Herb Greenberg said Selerity, a research firm, put out the earnings at 2:50 p.m. EST after finding it on a company Web post. He said Selerity was just doing its job as a data miner.

Finerman, who owns Microsoft shares, said it was a very good earnings report, adding the software giant remains a favorite for its "compelling" valuation.

Seymour was struck by the $20 billion in sales, calling it a "fantastic" number and a reaffirmation of the strength of the enterprise business. "PC and infrastructure spending is not dead."

CNBC

technology correspondent Jon Fortt said Microsoft got a lift from its non-core business like entertainment, which accounted for 19% of its revenue, highlighted by its strong Kinect and Xbox sales.

Fortt said the decline in netbook book sales reaffirmed Steve Jobs' contention that they were getting cannablized by the iPad, which Jobs insists does a better job. Fortt also noted that Windows sales were lower than expected, partially because of the lower margins for those sales in emerging markets.

Colin Gillis, an analyst with BGC Financial, said he liked Microsoft's report, especially its strength on the entertainment side and the reduction of losses in the search business. He also said the cash-heavy company bought back $5 billion in stock and paid out $1.3 billion in dividends.

In a Street Fight segment on gold, which fell to its lowest level since October, Kelly said he was hanging in and still buying. Kelly said gold is benefitting from the tension in monetary policy, with Fed Chairman Ben Bernanke pushing for more liquidity while other nations are tightening.

Stephen Weiss disagreed, saying gold's momentum is broken, as it heads toward $1,260. He said he shorted gold today.

Melissa Lee, the moderator of the show, noted a news report that

Verizon

(VZ) - Get Report

was buying

Terremark

(TMRK)

for $1.4 billion.

Najarian said the deal was lifting stocks in the cloud space, including

Rackspace

(RAX)

, which was up 6.97%, and

Equinix

(EQIX) - Get Report

, up 5%.

Terranova said the deal underscored how Verizon is "hitting on all cylinders" and is putting pressure on

AT&T

(T) - Get Report

.

Is

Netflix

(NFLX) - Get Report

overvalued? Seymour said its content costs were "going through the roof." He also said the company's valuation and momentum are in trouble.

David Miller, an analyst with Caris & Co., upped his rating of Netflix to an "average rating" or outperform. He was impressed with the 14% operating margin in Netflix's guidance and its strong revenue and subscriber growth. He said Netflix is saving some $200 million to $300 million from postage costs to help pay for exclusive content.

Commenting on S&P's downgrade of Japan's long-term debt, Ron Shah, of Jina Ventures, said the rating change had no impact on equities or government bonds.

He said the "cooling of the yen" should be a buying opportunities for export-driven stocks such as

Toyota

(TM) - Get Report

, Honda and Canon.

In the final trades, Seymour liked

Barrick Gold

(ABX)

. Najarian liked

Savvis

(SVVS)

. Finerman liked

Carefusion

(CFN)

. And Terranova liked

Limited Brands

(LTD)

.

--Written by David Tong in San Francisco.

To contact the writer of this article, click here:

David Tong

.

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http://twitter.com/davidtong

.

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.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC

.

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