NEW YORK (TheStreet) -- After a three-hour halt of the Nasdaq exchange, the broader market closed near its session highs.
A quick rundown on what happened on the Nasdaq Thursday: At roughly 12:15 p.m. EDT, quote issues were detected in select equities, followed by a halt on Nasdaq stocks at 12:20 p.m. EDT. At 3:00 p.m. EDT,
Atlantic American Corp.
was the first stock to trade in a limited-trading session. At 3:25 p.m. EDT, full trading resumed for all Nasdaq stocks.
"Fast Money" TV show, John Najarian said the outage is a big deal even though equities did close higher. Events like this outage erode individual investors' confidence, and the Securities and Exchange Commission and Finra need to figure out these issues, he added.
Karen Finerman was more relaxed about the situation, saying this outage hasn't changed her perception of any stock, expect for
Nasdaq OMX Group
Brian Kelly was outraged Nasdaq didn't have a backup system to use during such an event. He added that while there was no damage to corporate values, the glitch is still a big deal.
Mike Khouw said that depending on the problem, the exchange may or may not have a backup system. In this case, he said it could be a data-related issue, which is "scary."
Josh Brown was not happy about the situation. While indices did rally after the halt was lifted, this could have been on an options expiration day or during a
announcement. Until the problem is fixed, he compared it to a game of Russian roulette.
Guest David Greenberg, founder and president of Greenberg Capital, said traders will always survive the next day following an event such as this outage. However, it's a reminder at how vulnerable the exchanges actually are. He added that the exchanges need to put up the money necessary to fix these issues so they don't happen again.
beat on top- and bottom-line estimates, but guidance came in a little light. Brown said the stock is a long-term home run and
isn't automatically a huge threat as everyone seems to think. He said Pandora's strong radio presence and 200 million subscribers make it the top online radio player.
Khouw said investors will likely get a better chance to own the stock in the future because the valuation is a little rich, given the semi-weak earnings per share.
Kelly said it looks like traders can buy
because the gap higher appears to have held. He said to use $25.80 as a stop-loss.
had a disastrous quarter. Finerman said at some point the stock becomes a buy because of the cash levels. She added that it was still too early to enter, but near $6 the stock would get interesting.
Brown said teens are not interested in walking around with corporate logos on their clothes, such as those of Aeropostale and
American Eagle Outfitters
. He added that at some point there is value, but these companies are experiencing fundamental deterioration.
Najarian said he would not buy Nasdaq OMX Friday, but he would be more interested in the stock in the upper-$20 range. Finerman agreed.
Kelly said the markets should have gone up on Thursday based on good economic news from China and a decent jobless claims number. Najarian pointed out Apple and
helped give the market a boost once the Nasdaq reopened.
For their final trades, Brown said to avoid Nasdaq OMX and Finerman remains a buyer of
. Najarian is buying
U.S. Silica Holdings
and Kelly said to buy
-- Written by Bret Kenwell in Petoskey, Mich.
Follow TheStreet.com on
and become a fan on
Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.