Herman Leung, Senior Internet Analyst, at Susquehanna Financial Group says even though trading in Facebook's stock will be choppy in the near term, he is positive about it over the long term.

CNBC's Seema Mody reports on which stocks are trending on Twitter, saying General Motors has been an outperformer since the company announced it would eliminate its advertising from Facebook.

The "Squawk on the Street" team discusses today's major headlines, including JC Penney's miss on earnings; General Motor saying its advertising on Facebook doesn't work; and Warren Buffet's top stock picks.

The big hedge funds are reporting their positions in filings tonight. CNBC's Bertha Coombs has the breakdown.

Warren Buffett's Berkshire Hathaway is taking new stakes in GM and Viacom, reports CNBC's Brian Sullivan.

Dissecting the day's major business news, including JC Penney earnings, 13-F filings for Warren Buffett's Berkshire Hathaway and Greenlight Capital, with the Fast Money traders.