NEW YORK (TheStreet) -- Investors are concentrating on earnings and so was the trading panel on CNBC's "Fast Money" TV show. 

Shares of eBay (EBAY) - Get Report  were up about 3% in Wednesday's after-hours trading session after the company beat on earnings estimates but missed slightly on revenue expectations for the fourth quarter. Guidance for both came in below analysts' expectations.

Right now the focus is on the PayPal spinoff, said Brian Kelly, founder of Brian Kelly Capital. Shares of eBay are unattractive near current levels as the stock has been rangebound between $50 to $57.50. He is a buyer near $50. 

eBay's Marketplace business has room to grow, according to Pete Najarian, co-founder of optionmonster.com and trademonster.com. E-commerce continues to grow at a rapid pace while user growth for eBay is also improving. 

"The online garage sale" business looks attractive, said Karen Finerman, president of Metropolitan Capital Advisors. It will be interesting to see how investors value the entity once the PayPal spinoff is complete. 

eBay seems like it could be undervalued by investors given the different businesses in which it's involved, according to Guy Adami, managing director of stockmonster.com. 

Investors getting involved in eBay and owning the stock are looking past the next few quarters and are focusing on the PayPal spinoff, said Colin Gillis, senior technology analyst at BGC Financial. They want to see value unlocked when the company is split up. It's also promising to see hedge fund manager Carl Icahn getting a board seat on eBay, who will have the decision of whether to have a board seat on eBay or PayPal after the spinoff is complete. 

Gillis also touched on Amazon (AMZN) - Get Report , which he upgraded to buy and assigned a price target of $340. In the short term North American operating margins should see a rebound and in the long term the company continues to build a promising ecosystem. If management would just tone down the spending its earnings power could be very powerful.  

It's no secret that lower spending would equate to higher earnings at Amazon. The question is, will CEO Jeff Bezos ever tone it down? There's been no evidence that he has or that he will, Najarian said. 

Given that the valuation is already ridiculously high, it seems investors are saying that at some point they expect Bezos & Company to slow the spending spree and allow some Amazon revenue to fall through to the bottom line, Finerman said. However, it's unclear whether Bezos cares about the stock price at this point. He may just be focused on changing the global retail landscape.

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The conversation shifted to Netflix (NFLX) - Get Report , which had fallen 25% in the final three months of 2014 but soared 17.3% on Wednesday following its better-than-expected earnings results. 

The quarter was good enough to drive the stock back to $400 per share, but isn't good enough to drive it higher by another $100 per share, according to Adami. Investors should wait for a pullback to the $375 area before getting long. Najarian concurred. 

American Express (AXP) - Get Report also reported fourth-quarter earnings, beating on top- and bottom-line estimates. However, the stock slumped 2.2% in after-hours trading. 

The company has a great brand, and the stock is neither expensive nor cheap on a valuation basis, Finerman said. Investors can stick with it. 

Shares of American Express tend to sell off only to rebound a week later, Adami reasoned. The quarter was good and investors can also stay long Visa (V) - Get Report and MasterCard (MA) - Get Report

According to Paul Hickey, co-founder of Bespoke Investment Group, equities continue to perform well. Even when trading near their all-time highs, many stocks still have a higher yield than 10-year and 30-year Treasuries. This makes stocks more attractive assets than Treasury bonds, he reasoned. His top dividend picks for both yield and attractive fundamental situations include PepsiCo (PEP) - Get Report , Sysco Corp. (SYY) - Get Report and Best Buy (BBY) - Get Report

For their final trades, Najarian is buying Deutsche Bank (DB) - Get Report and Kelly is a buyer of the ProShares UltraShort Yen ETF (YCS) - Get Report . Finerman said to buy Michael Kors (KORS) and Adami is buying American Express.

-- Written by Bret Kenwell

Follow @BretKenwell

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