'Fast Money' Recap: Nasdaq Snafu

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. ( AAME) was the first stock to trade in a limited-trading session. At 3:25 p.m. EDT, full trading resumed for all Nasdaq stocks.

On CBNC's "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 ( NDAQ).

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 Federal Reserve 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.

Pandora ( P) 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 Apple ( AAPL) 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.

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