Trading Oracle after huge results, guidance miss

Oracle shares tumbled 6 percent to $42 a share on Wednesday after it missed fiscal fourth-quarter earnings and revenue estimates.

The enterprise software maker also gave disappointing first-quarter guidance, but "Fast Money" trader Brian Kelly said now may be the time to jump in on the bet that people will eventually look past the weak quarter."

Fellow trader Pete Najarian echoed his sentiments, saying, "The company is going in the right direction."

Read MoreOracle blames dollar for earnings and revenue miss

Guy Adami. on the other hand, said if Oracle starts to trade down near the $41.50 level Thursday, then investors should take a shot at the stock.

Najarian said Oracle did show some growth, when you strip out the negative currency impact.

Trader Dan Nathan disagrees. Oracle is "a company that doesn't grow organically," instead it buys growth through acquisitions, Nathan said. The big question now is "who are they going to buy" next, he added.

Nathan says Oracle would be "in a house of pain for years" if it bought a large rival like Microsoft. In contrast, Adami said Microsoft would be a positive pick because of its huge dividend.

Kelly said Microsoft looks even more attractive now, citing the possibility the that the Fed might do a " one and done" interest rate hike. He also pointed to Salesforce as a safe acquisition target.

Disclosures:

Pete Najarian

Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DISCA, DKS, FOXA,GE, KKR, KO, LLY, MRK, PEP, PFE, TEVA, he is long calls AAL, ABX, BAC, BBY,BMY, C, CAH, COP, CSX, DAL, DE, ETFC, FCAU, GE, GS, INTC, INVN, JPM, LEN, MT,MU, NUAN, OC, PFE, RAD, RAI, S, SXC, SYY, UAL, USB, VOYA, VZ, WSM, XLF, ZIOP.Today he bought RAI calls, today he sold WFM calls.

Dan Nathan

Dan is long CAT July/August put spread, SPY June put fly,TWTR, BBRY June calls, SO, DE June put fly, INTC July put, WMT June Call Fly,LVS July Aug Put Spread, TWTR SEPT call spread, GRRO June Put Fly, MSFT Julycall butterfly, he is short SO Aug call.

Brian Kelly

Brian Kelly is long BABA, BBRY,BTC=, EEM, Euro, TAN, TSL; he is short Dollar and Yuan. Today he sold DXGE andU.S. Dollar. Today he closed out of short Australian Dollar, short CanadianDollar, short Euro, and short Yen.

Guy Adami

Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, LindaSnow, works at Merck.