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BlackBerry now an event-driven stock?

After BlackBerry announced Friday that it would slash 4,500 jobs and fall short of Wall Street's earnings estimates, there's only really one reason to hold the stock, Stuart Frankel's Steve Grasso said.

"Nobody buys it for hardware. Everybody wants to see that trimmed off," he said. "You're buying it for secure networks. You're buying it for the enterprise software. You're buying it for the enterprise business. But when you look at it, they have no debt. You're buying it based on the fact of M&A. You're buying it for an event-driven market."

BlackBerry stock closed at $8.83 per share, down 17.1 percent.

(Read more: BlackBerry to slash 4,500 jobs in restructuring)

On CNBC's "Fast Money," Grasso said that he was still holding shares of BlackBerry and waiting for "a Nokia event."

(Read more: Top 3 tech stocks? They're still in China)

"This is not a position that you think is a long-term hold," he said. "This is a tradable position."

Grasso said that the stock was tradable but added that it wasn't necessarily a holding to grow.

"You can trade it short-term, and you could've sold it that next day," he said. "But my point is you don't add to a position that is your risky position. That's a 'Trade School.' When you buy something just for an event-driven headline, there's no need to put more money into something if you feel like it's highly speculative, and I think I've always said that about BlackBerry."

(Read more: 'We're 100 percent out of Apple': Hedge-fund manager)

StockMonster's Guy Adami said that the stock price pop on rumors of a takeover was an opportunity to get short.

"Every rally in the stock is a selling opportunity, which is exactly what took place," he said. "Now, what do you do here? Do you buy it? No. You can't short it here on Monday, either. But it's definitely a no-touch here until this thing shakes out, and it's going to take a while for that."

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

Trader disclosure: On Sept. 20, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: John Woods is long WFC; Tim Seymour is long AAPL; Tim Seymour is long INTC; Tim Seymour is long SBUX; Tim Seymour is long EEM; Tim Seymour is long LO; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; As of 9/19 Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long BBRY; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long HERO; Steve Grasso is long HPQ; Steve Grasso is long MHY; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S; Steve Grasso is long ASTM; Steve Grasso is long POT; Steve Grasso is long DECK; Steve Grasso is long DHI; Steve Grasso is long EEM.

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