Sure, $450 seems like a lot to shell out for a single share of any company. But relative to Google's

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[GOOG  Loading...      ()   ]growth prospects, it’s actually a bargain, according to Adam Johnson, managing director of MLH Capital Managing.

When valued according to its forward P/E to growth rate, (which is essentially how much an investor will pay for every dollar the company earns compared to how much it grows) Johnson said GOOG becomes a “screaming buy.” This is a particularly relevant metric for technology stocks because, by its very nature, technology is all about growth.

Carter Worth sees things a little differently and told the traders that Johnson's method of valuing stocks is inherently misguided because it depends on knowing what the stock’s growth rate will be. Sure, it might be able to work for a company with a history of consistent growth, but Google?

This is a stock that went from $450 last August to $750 three months later then right back to $450. How do you value a stock with that sort of unpredictable swings?

Google reports earnings Thursday after the bell. Pete Najarian noted that he’s seeing spikes in the volume of GOOG options, which could indicate that traders are expecting a big move – they just don’t know in which direction.

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Trader disclosure: On Apr. 16, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (AAPL), (BIIB), (CSCO), (TSO), (YHOO), (XLF), (AMR), (ETFC), (ATI); Najarian Owns (EBAY) Calls, (IBM) Calls, (BSC) Calls, (COP) Calls, (MSFT) Calls, (HK) Calls; Najarian Is Short (INTC) Calls; Najarian Owns (LEH) Puts; Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (TSO); Seygem Asset Management Owns (TIE), (COP), (PKX), (GGB); Oppenheimer & Co. Is A Market Maker In (GOOG), (AMZN), (EBAY), (BIIB), (MLNM), (CSCO), (RIMM), (MSFT), (INTC); Oppenheimer & Co. Has Provided Investment Banking Services For (XTO) In The Past 12 Months; Oppenheimer & Co. Has Received Compensation For Investment Banking Services From (XTO) In The Past 12 Months; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"

ADAM JOHNSON
MLH Capital Owns (CSCO)
MLH Capital Owns (GOOG) And Is Short (GOOG) Calls And (GOOG) Puts
MLH Capital Owns (AAPL) And Is Short (AAPL) Calls
MLH Capital Owns (MSFT) And Is SHort (MSFT) Calls

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