Trading tech: 4 networking plays

Trading Tech: 4 'networking' plays
Trading Tech: 4 'networking' plays   

Facebook stock "is finally getting its mojo" as the company fine-tunes its mobile business and photo-sharing app Instagram, CNBC "Fast Money" trader Guy Adami said.

"I think the stars are lining up for Facebook, and the stock is finally following suit," he said.

Read MoreTraders bet on record Facebook highs

Shares in the social networking company jumped nearly 1 percent, above $84 per share, on Monday. The stock has climbed more than 8 percent this year, and Adami believes it will surge into the company's quarterly earnings report in April.

People silhouetted against Facebook logo
Dado Ruvic | Reuters

Despite Facebook's success, Twitter shares look more appealing, said trader Steve Grasso. The social networking name has climbed more than 35 percent this year.

Another social stock, Yelp, took a hit late last week on reports that a documentary planned to criticize its relationship with small businesses. Shares in Yelp surged on Monday, though, closing more than 4 percent higher.

Read MoreCan Twitter win a March Madness bracket?

Trader Brian Kelly said that investors need to be cautious with the stock, but noted that it could pop in the short term. Trader Pete Najarian added that any play on Yelp should be done through options.

Najarian on Monday bought call options in networking company Ciena. The stock closed the day down more than 2 percent.

Disclosures:

Pete Najarian

Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, MRK, PEP, PFE and SAP. He is long calls BK, CIEN, CNX, COP, EXXI, F, FCX, FL, GE, GM, GT, KO, KFT, LYB, NEE, PEP, RAD, TEVA, UAL and UFS. Today, he bought CIEN calls.

Brian Kelly

Brian Kelly is long BTC=, U.S. dollar, GLD, EEM, CTRL calls, GSG, BBRY and TLT. He is short yuan.

Steve Grasso

Steve Grasso's firm is long AER, AMD, AMZN, AVP, CUBA, FCX, FNMA, HSPO, IBM, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OXY, PCRX, RIG, SALT, STAG, TAXI, TITXF, TSE, USO, VALE and ZNGA. He is long BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, PFE, POT, SO, T, TMUS and TWTR. His kids are long EFG, EFA, EWJ, IJR and SPY.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.