Trading big tech names ahead of earnings

With some of the biggest names in the technology industry slated to report earnings this week, including Netflix, Google and Intel, the sector could be key to the direction of the major indexes this week.

Out of all the major tech firms reporting this week, "Fast Money" trader Guy Adami said Netflix is the most interesting. He thinks Netflix will "take off" after it reports earnings on Wednesday.

"I think it has a $750 handle on it; I still don't think Netflix can be replicated. I get the valuation is extended," Adami said.

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Google, which reports Thursday evening, saw its shares rise more than 2 percent on Tuesday after The Wall Street Journal reported that it may be taking a stricter approach to cutting costs.

Karen Finerman, who is long on Google, said she would love to see stronger expense control and better use of all that cash.

Amazon hit a new all-time high after UBS upgraded the stock to "buy" from "neutral," citing strong subscriber growth for its Prime service. Adami is a fan: "I think this stock is going to continue to push higher and just drag people along with it."

The company is rolling out a big marketing push Wednesday with the first Amazon Prime Day, which will offer discounts in the vein of Black Friday for Prime members.

Finerman and fellow trader Dan Nathan disagreed with Adami's bullish call, saying Prime is a loss leader.

GoPro also moved on ratings news on Tuesday. Barclays upgraded the stock to "overweight" from "equal weight" and raised its price target to $65 a share. The firm said new products and brand strength were key catalysts behind the move, which sent GoPro shares up more than 5 percent during the regular session.

Fast Money's Pete Najarian said Gopro is winning because of its stellar brand. But Nathan said that while the company has market share locked down, he doubts the longevity of the product.

"You have to make a bet on whether people are going to have these big bricks on their heads in a few years and don't bet on drones," Nathan said.

DISCLOSURES:

Pete Najarian

Long AMAT, AAPL, BAC, BMY, BP, CSX, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MRK, PEP, PFE, he is long calls AAPL, ABX, BAC, BBY, C, CRM, CY, DAL, ETFC, FB, FCAU, HOG, INVN, JPM, LULU, LVS, MS, NUAN, OC, ORCL, PNR, S, SYY, UAL, USB, VOYA, VZ, WYNN, XLF, ZIOP. Today he bought FB calls, HOG calls, MS calls.

Dan Nathan

Dan is long JPM July put spread, TJX Aug Put, CMG July put spread, TWTR, TWTR SEPT call spread, SO, INTC July put, LVS July Aug Put Spread, PG Aug Put, COST Aug put spread, WDAY July call fly; he is short SO Aug call.

Karen Finerman

Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, URI, BABA puts, URI calls, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GILD, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, URI calls, KORS puts, SPY put spreads, her firm is short IWM, SPY, MDY, Karen Finerman is on the board of GrafTech International.

Guy Adami

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