Google ‘Gangnam Style’ Gains: Najarian

Wednesday, 23 Jan 2013 | 12:53 PM ET
Google Stock Headed Toward $700: Najarian
Google earnings beat expectations, but now is not the time to chase the stock, OptionMonster's Pete Najarian says.

Pop blockbuster "Gangnam Style" logged more than $8 million in revenue for YouTube, showing that it "actually is a business" and bodes well for parent company Google, OptionMonster co-founder Jon Najarian said Wednesday on CNBC.

On "Fast Money," Najarian invoked South Korean pop phenom PSY, whose catchy dance video was watched more than 1.23 billion times to become the most watched video in YouTube history.

"This is a revenue pass-through, much like the Apple iTunes Store is, and I think it creates a lot of opportunity," he added.

And while Google earnings beat Wall Street expectations, it's too late to jump into the trade, OptionMonster's Pete Najarian said.

"I think when you look at the numbers, were they great numbers? I see this pulling back, easily, toward $700 once again and giving people an opportunity," he added. "I wouldn't chase it here at all."

Stephen Weiss of Short Hills Capital was skeptical.

"The big question is: Is that growth in the market, or is it market-share gains on their part? And that we don't know," he said. "Facebook obviously responding to the market growing, as is Yahoo at this point, so it'll be interesting to see that. Google, however, always gives you another time to buy it."

Trader disclosure: On Jan. 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long GOOG CALL SPREADS; Jon Najarian is long IBM CALLS; Jon Najarian is long ISRG CALL SPREADS; Jon Najarian is long CREE CALLS; Jon Najarian is long NFLX PUTS; Jon Najarian is long D CALLS; Steve Weiss is long RIMM; Steve Weiss is long WLT; Steve Weiss is long FB; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long RIMM CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long FB CALLS; Pete Najarian is long MSFT; Pete Najarian is long WLT CALLS; Enis Taner is long GS; Enis Taner is long YHOO; Enis Taner is long AAPL CALL FLY; Enis Taner is long FB PUT FLY; Enis Taner is long SPY PUTS;

For Toni Sacconaghi
Bernstein currently makes a market in the following companies AAPL / Apple Inc.

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