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NEW YORK (TheStreet) -- Retail sales may have pushed the stock market higher on Thursday but the big news came after the market closed when Twitter (TWTR) - Get Twitter, Inc. Report announced long-embattled CEO Dick Costolo is leaving as of July 1. 

Co-founder Jack Dorsey will be interim CEO, despite being the current CEO of Square. The company says Costolo voluntarily stepped down and was not fired. There is no timetable for when a replacement CEO will be hired or if that person will be promoted from within the company. 

When you consider how many people have been calling for Costolo to leave, it's surprising the stock is only 2% to 3% higher in after-hours trading, Karen Finerman, president of Metropolitan Capital Advisors, said on CNBC's "Fast Money" TV show. 

"I think it's fine here," Guy Adami, managing director of Shares continue to find support near $35. Investors can stay long Twitter, which possesses a unique and valuable platform. The company just hasn't figured out the best way to monetize it yet. As for acquisitions, Google (GOOGL) - Get Alphabet Inc. Class A Report or Apple (AAPL) - Get Apple Inc. Report could buy Twitter "in their sleep" with the amount of cash they have, and should, Adami said. 

Dan Nathan particularly likes the idea of Google buying Twitter. Nathan, the co-founder and editor of, says Google lacks the social, mobile and messaging capabilities Twitter possesses. 

Assuming Twitter isn't acquired in the short term, investors need to start thinking about who the next CEO will be, said Brian Kelly, founder of Brian Kelly Capital. Will that person be more entrepreneurial or more focused on advertising? There's a lot of possibilities, he said. 

Kelly said investors should be buying because Twitter's future looks better now than it did before Costolo stepped down. He added, "I think it goes much higher." 

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Roughly six months ago, Robert Peck, managing director and Internet analyst at SunTrust Robinson Humphrey, said on CNBC's "Fast Money" show that he didn't expect Costolo to be the CEO in one year. 

So who should replace Costolo? Peck made the case for such potential candidates as former Twitter chairman and CEO Evan Williams; former CEO of Yahoo! (YHOO) Ross Levinsohn; Kevin Systom, founder and CEO of Instagram; and Mike McCue, CEO and founder of Flipboard. 

While Peck considers Twitter's Anthony Noto a "great CFO," he doesn't believe he'll be the next CEO. In the company's release, management also reiterated the guidance for its upcoming quarter. Peck said he expects monthly active user growth to disappoint investors and possibly even be negative for the quarter. 

Twitter needs to focus more on product development so it can regain momentum in its user growth, Peck said. While a Google acquisition would make sense, he doesn't believe it's a likely outcome. 

Dan Niles, founder of AlphaOne Capital and a former Twitter shareholder, still isn't sure what to make of the company now that Costolo is leaving. The company continues to struggle and the stock trades poorly, he said. Although the product is great, there are too many problems at Twitter. The stock doesn't have any support from valuation because it simply doesn't make enough money right now. Investors buying now have to believe in the long term for Twitter, he concluded. 

For their final trades, Nathan is buying Twitter with a $35 stop-loss. Adami said to buy T-Mobile U.S. (TMUS) - Get T-Mobile US, Inc. Report, Finerman is buying Google and Kelly is a buyer of the ProShares UltraShort Euro ETF (EUO) - Get ProShares UltraShort Euro Report.

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