NEW YORK (TheStreet) -- U.S. stocks shot higher on Thursday with the S&P 500 climbing 1.1%. However, the CNBC "Fast Money" traders were more focused on the slew of earnings released after the close, starting with Nordstrom (JWN).
The report likely gives retail investors some relief after several poor reports from other companies in the industry, said Karen Finerman, president of Metropolitan Capital Advisors. Nordstrom's results could give support to Macy's (M) and Michael Kors (KORS), which have been "excessively penalized" in recent trading, she added.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, likes Nordstrom following its results. He also likes Ralph Lauren (RL), explaining that both stocks seem poised to do well in the second half of the year.
Retail stocks have been struggling and retail sales for April were poor, but that isn't stopping Brian Kelly, founder of Brian Kelly Capital, from buying Wal-Mart (WMT). The stock has support near current levels and has began some bullish initiatives for its online sales.
El Polo Loco (LOCO) shares fell in after-hours trading despite beating on top and bottom line expectations. While the selloff is "definitely disappointing," Kelly says the stock is a buy despite the company slightly missing comparable-store sales estimates.
After examining the recent options activity, Najarian concluded that El Polo Loco could have more downside ahead. He believes it could decline to the recent low around $23.50 made in March.
Applied Materials (AMAT) gained in after-hours trading, following the company's top and bottom line earnings beat. $19 continues to act as support for the stock and the report was pretty good. This prompted Kelly to be a buyer of the stock.
Grasso added that NXP Semiconductor (NXPI) seems overbought in the short term. However, long-term investors can still own the stock, because of the large addressable market the company has. A new credit card security feature has a chip in each card, which NXP Semiconductor makes in both the U.S. and China.
Sticking with tech, it was no surprise the Nasdaq climbed 1.4% on Thursday, considering some of its biggest holdings did extremely well. Apple (AAPL) climbed 2.35%, Facebook (FB) jumped 3.75% and Microsoft rallied 2.3%.
Apple continues to increase its capital return policy, while the upgrade cycle for the new iPhone continues to drive revenue growth, Grasso said, adding that he is long the stock. As for Facebook, investors are piling back into the social media giant, with many of its peers -- such as Yelp (YELP) and Twitter (TWTR) -- looking unattractive at the moment.
While many investors were frustrated with Facebook's acquisition of Instagram and WhatsApp at the time, it's clear that the company has very much figured out how to monetize the mobile platform, Kelly said. He pointed out that recent comScore data shows that 24% of all smartphone activity is used for Facebook.
Investors who want growth, should stick with Facebook, Kelly added.
"That is very expensive" for consumers, Kelly said. While this product's pricing may be disappointing to investors, they should remember the stock has already undergone an enormous selloff from its 52-week high near $158. Around $90, the stock is an interesting buy, he said.
Grasso added that Keurig Green Mountain is not a good stock to own for the long term.