Amazon earnings miss an 'opportunity': Trader

Time to buy Amazon?
Time to buy Amazon?   

Amazon.com stock sold off after it posted worse-than-expected third-quarter earnings results Thursday, leaving the CNBC "Fast Money" traders split on whether it was worth playing.

The company reported a loss of 95 cents a share versus Wall Street estimates of a 74-cent loss. Shares of Amazon, which had closed slightly up at $313.18, traded as much as 13 percent lower in the aftermarket.

Private Advisor Group's Guy Adami said that Amazon shares below $285 could be a "buy" signal.

Read MoreAmazon shares drop 13 percent on missed estimates

"I think this is your opportunity," he said, even as he noted, "Margins were awful. Everything bad, bad, bad."

Source: Amazon

Adami likened Amazon to Netflix, which sold off after disappointing earnings and has since rallied around 20 percent.

"You could see an easy bounce back up to that $310 level," he added.

Read MoreWall Street may finally be giving up on Amazon

Amazon shares were stuck in a range, Tim Seymour of Triogem Asset Management said.

"I would not touch this stock," he said, noting that investor sentiment was likely at its lowest point in the past few years. "I don't see the catalyst."

OptionMonster's Jon Najarian said that Amazon was likely hurt by margin compression in its cloud-computing business from the likes of Google, IBM and Microsoft.

But Amazon wasn't necessarily one to abandon just yet, he added.

Takeaways from Amazon's quarter
Takeaways from Amazon's quarter   

"Would I say that this stock is dead? No," Najarian said.

Value investor Karen Finerman of Metropolitan Capital Advisors wasn't interested.

Read MoreAmazon: A grocer in e-commerce clothes?

"Obviously, this one for me is valuation is just sort of way out of control. Even after this miss, even after where it's trading, sentiment is a pendulum, and it swings," she said. "I wouldn't say this valuation has it swinging to 'way too cheap' on a valuation basis. It's still way out there."

Finerman admitted that she uses the company's services "all the time," but that wasn't enough.

"The emperor has no clothes in that the valuation's so out of whack," she said.