NEW YORK (TheStreet) -- Shares of Google (GOOGL) - Get Alphabet Inc. Class A Report have fallen roughly 9% in the past year but shares are up 1.3% in after-hours trading Thursday after the search giant released earnings after an initial decline.

Despite missing on top and bottom line estimates as well as on its paid clicks metric, Guy Adami, managing director of stockmonster.com, said on CNBC's "Fast Money" TV show he's surprised the stock is higher. 

"It's not a good quarter," he said. But because the stock is holding up well after initially selling off, it may continue to have support near these levels going forward. 

This is not a stock to hold short, according to Brian Kelly, founder of Brian Kelly Capital. Even though the company's metrics were "terrible across the board," the stock is trading well. However, he is a not a buyer of Google near current levels either. 

Google routinely misses earnings estimates, said Steve Grasso, director of institutional sales at Stuart Frankel, who is a long-term shareholder. There seems to be support near $490, so investors who don't want to hold on to the stock during a severe decline can use that level as their stop-loss. 

Google is worried about Facebook (FB) - Get Facebook, Inc. Class A Report , which is becoming a large competitive threat, according to Dan Nathan, co-founder and editor of riskreversal.com. Shares continue to underperform but have a very low valuation given the company's growth rate. Perhaps the recent selloff is investors' way of saying they don't believe Google will be able to hit analysts' estimates this year.

Aaron Kessler, senior Internet analyst at Raymond James, has an overweight rating and $620 price target on Google. He says the company's year-over-year revenue growth of 15% and Ebitda growth of 13% is reasonable, given the stock's low valuation. Shares will really start to rally when management shows earnings leverage and begins to top, or at least come in line with analyst expectations. 

Amazon (AMZN) - Get Amazon.com, Inc. Report also reported results. The company missed sales estimates but reported 45 cents in earnings per share, topping expectations of 17 cents. 

While investors seem to be pretty excited about the company generating a profit, they should realize that Amazon had more than $29 billion in sales and only generated operating profits of $660 million, Nathan pointed out. Don't buy the stock on its after-hours pop to $350. 

Adami reiterated similar feelings, saying investors who are long should consider taking profits. Amazon's guidance was "pretty miserable," he added. 

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At least Amazon's management showed it can control spending, said Michael Pachter, an analyst at Wedbush Securities. Investors know Amazon can grow margins and revenue but it's always unclear whether it will curb its spending. Given the lower-than-expected guidance, Pachter says he's surprised to see the stock up 14% in the after-hours. The company's cloud business could have a lot of opportunity but it will take several years to build out, he reasoned. 

Pachter has a hold rating on shares of Amazon with a $330 price target. 

The trading panel took a quick look at several other companies that reported earnings, staring with Visa (V) - Get Visa Inc. Class A Report . Kelly said he would be a buyer of the stock, which reported good results and promising metrics.

Biogen Idec (BIIB) - Get Biogen Inc. Report impressed investors, topping EPS estimates. Biotech remains very strong, said Adami. The industry seems likely to trade higher going forward.

Broadcom undefined beat on top- and bottom-line estimates. However, revenue growth is expected to be flat while earnings per share are expected to grow 13%. That likely comes at the hands of the company's share buyback program, Nathan reasoned. He is not a buyer of the stock. 

Shares of Deckers Outdoor (DECK) - Get Deckers Outdoor Corporation Report are down 14% in the after-hours after missing on revenue and earnings. Grasso said to avoid the stock near current levels and it's typically best to buy the stock in the summer. 

For their final trades, Grasso is buying Google and Kelly is a buyer of Twitter (TWTR) - Get Twitter, Inc. Report . Nathan said to sell-short Yum! Brands (YUM) - Get Yum! Brands, Inc. (YUM) Report and Adami is buying Pandora (P) .

-- Written by Bret Kenwell

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