NEW YORK (TheStreet) -- The S&P 500 made its third consecutive close higher, finishing Thursday up 1.04%.
On CNBC's "Fast Money" TV show, the panel discussed Google's (GOOG) earnings report after the company missed on top- and bottom-line estimates.
Guy Adami, managing director of stockmonster.com, said Google does not have an expensive valuation and investors can begin buying the stock. However, the valuation could be headed lower if the company has slowing growth.
Tim Seymour, managing partner of Triogem Asset Management, said Google's earnings results weren't that bad. He was a buyer at current levels because of its mobile monetization, non-U.S. margins and forward valuation.
Brian Kelly, founder of Brian Kelly Capital, agreed with Seymour. However, he suggested staying away from the stock at current levels because it's likely to trade "choppy" over the short term.
Anthony Scaramucci, founder and co-managing partner of SkyBridge Capital, called Google a "very good" long-term hold. He suggested that long-term investors use the earnings selloff to add to their positions.
Collin Gillis, an analyst at BGC Financial, has a hold rating on Google with a $590 price target. He said revenue will grow robustly if Google can re-accelerate cost per clicks (CPCs). He added that back in the "heyday," Google was growing both CPCs and paid clicks; paid clicks rose year over year in the recent quarter while CPCs dropped.
Gillis said the stock still has upside from current levels, adding the first quarter is rarely good for Google.
International Business Machine (IBM) missed on top- and bottom-line earnings estimates. Seymour said the stock is not expensive but that doesn't mean investors should buy it. He was avoiding the stock at current levels.
Kelly was a seller of IBM because of its declining cash flow, which fuels the company's share buyback program. Adami agreed, saying the stock could be headed toward $175.
Scaramucci admitted the stock will likely head lower in the short term but is optimistic on its long-term prospects.