NEW YORK (TheStreet) -- The S&P 500 climbed higher on Wednesday, finishing the session up 0.18%.
On CNBC's "Fast Money" TV show, the trading panel analyzed corporate earnings.
Dan Nathan, co-founder and editor of riskreversal.com, said Facebook (FB) reported a good quarter despite high expectations from analysts and investors.
Tim Seymour, managing partner of Triogem Asset Management, added that Facebook continues to monetize its mobile platform. The stock isn't that expensive, trading at just 35 times next year's earnings, with 60% revenue growth.
Brian Kelly, founder of Brian Kelly Capital, said the company can grow to be much bigger if it can scale its mobile and targeted advertisements.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, called it a "blowout quarter" for Facebook, adding, "I think the stock continues to move higher."
Robert Peck, Internet analyst at SunTrust Robinson Humphrey, has a buy rating on shares of Facebook with a $72 price target. He said two-thirds of Facebook's user access the platform daily, and margins continue to remain strong. Expenses are expected to decline while advertising prices continue to increase, he concluded.
Najarian said he wouldn't use Facebook's result as a "read-through" to Twitter's (TWTR) results. Nathan agreed, but said he would be a buyer of Twitter in the low-$30s.
Seymour said not to buy Qualcomm (QCOM) at current levels because the stock is hitting a lot of resistance. It is a "fantastic company," however, he added.
Najarian is long Ariad Pharmaceuticals (ARIA).
Seymour said investors should consider buying Gilead Sciences (GILD) on a pullback as analysts' estimates are still too low.