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Amazon stock still worth owning: Pro

Buying Amazon.com stock on a pullback remains the right move as it has over the past five years, Stuart Frankel's Steve Grasso said Thursday.

"Every dip you see on this chart has been bought. It's been the right thing to do. I still think it's the right thing to do," he said. "Coming out of earnings, it doesn't matter."

Shares of Amazon closed at $303.40, up 1.49 percent, but sold off in after-hours trading.

(Read more: Amazon posts quarterly loss; Shares dip)

On CNBC's "Fast Money," Grasso said that if shares of Amazon had been priced as a value stock, it would be a "sell."

"It's still priced as a growth stock," he said. "It's tech stock. It's a retail stock. It's a cloud play."

StockMonster's Guy Adami said that he was positive on the stock — but not buyer at this level.

"If it was about earnings with Amazon, the stock should be trading $150," he said. "I think that's fair to say."

Adami noted that there was more to Amazon than the most recent quarterly results.

(Read more: Pro sees 'massive' opportunity for Facebook)

"These earnings were not good, and their guidance was worse," he said. "But my premise all along with these guys have been: As long as their operating margins continue to improve, I think this stock is worth owning because I'm telling you right now, given this report this stock should be trading $280, and it's not, which I think is trying to tell you something.

"Operating margins continue to improve, I think you continue to own this stock."

Josh Brown of Fusion Analytics said that the was investors value Amazon has benefited the company.

(Read more: Top strategist's earnings scorecard—so far)

"The bears have always, repeatedly, had a problem with the fact that they keep investing and pushing out that date that they'll finally be hugely profitable," he said. "But think about if they didn't. This would be a book seller on the internet. It would be a $25 stock. So, this has always worked in their favor that the investment community has continuously given them the benefit of the doubt."

Brown didn't sound like a buyer.

"That being said, I don't love the action in the chart going into tonight. I see that it's spiking around $300, $302," he said.

A level of $280 per share would be crucial, Brown added.

(Read more: Best game plan for rising rates: Pro)

"That's where the breakout happens," he said. "I think it's going to have to revist. This report does not justify the next 50 points in the stock higher."

Brian Kelly of Brian Kelly Capital suggested watching the price action when the stock market reopens.

"I think if you see this thing spike higher, maybe $305 tomorrow, you buy it on momentum because that's when the investors are going to say, 'We still believe this story.' If it doesn't, then you have to wait for $280."

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

— CNBC's Courtney Gartman contributed research to this report.


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