Take Your Position: Google

With shares of Google down about 7% over the past 3 months, how should you position into and in the wake of Thursday earnings?

Google results always come under the microscope, but they could be even more scrutinized this year because earnings will be the first time Larry Page has made extended remarks, since the company’s co-founder returned to his seat in the corner office.

And there is still a fair amount of anxiety about how he intends to run Google. Page, 38, has long expressed his belief that Google should invest heavily in opportunities that may take years to pay off.

Google has already announced plans to increase payroll by at least 25 percent, or 6,200 employees, the biggest hiring spree of its 13-year history

Page’s philosophy of aggressive expansion has caused some pundits to wonder if the company will continue to exceed Wall Street's quarterly earnings targets as consistently as it did under former CEO Eric Schmidt for the past 6 ½ years.

What’s the trade?

BGC analyst Colin Gillis tells the desk he wouldn’t jump in here. “This is definitely a stock that works better in the second half of the year. If you don’t own it you may get a better entry point.” In case you’re wondering Gillis has a ‘Hold’ on the stock with a $625 price target."

Trader Tim Seymour thinks Google could present a smart trading opportunity. “There have been no upgrades of this stock and no one is expecting a thing from Larry Page.” As a contrarian bet he thinks there could be unexpected upside.

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Trader disclosure: On April 13, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Weiss owns (COP); Weiss owns (DVN); Weiss owns (HK); Weiss owns (HPQ); Weiss owns (MSFT); Weiss owns (AKAM); Weiss owns (TBT); Weiss owns (GDX); Weiss owns (UUP); Weiss owns (DRR); Weiss owns (HBAN); Weiss owns (KEY); Weiss owns (QCOM); Weiss owns (BTU); Weiss is short (IWM); Weiss is short (X); Weiss is short (AKS); Weiss owns (AAPL) calls; Seymour owns (AAPL); Seymour owns (BHP); Seymour owns (F); Seymour owns (INTC); Adami owns (AGU); Adami owns (C); Adami owns (GS); Adami owns (MSFT); Adami owns (NUE); Adami owns (BTU); Finerman's Firm Is Short (IWM); Finerman's Firm Is Short (SPY); Finerman's Firm Is Short (IJR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Long S&P 500 Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm And Finerman Own (BP); Finerman Owns (C); Finerman's Firm And Finerman Own (CVS); Finerman's Firm Owns (HPQ); Finerman's Firm Owns (JPM) Leap, (JPM); Finerman Owns (JPM); Finerman's Firm And Finerman Own (MSFT); Finerman's Firm Owns (TGT); Finerman Owns (USO); Finerman's Firm Owns (WMT); Terranova Owns (JPM); Terranova Owns (V); Terranova Owns (BX); Terranova Owns (GS); Terranova Owns (UPL); Terranova Owns (AKAM); Terranova Owns (XOM); Terranova Owns (BAX); Terranova Owns (TCK); Terranova Owns (HOC); Terranova Owns (VRTS)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
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For Whitney Tilson
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For Mike Khouw
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For Colin Gillis
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For Joe LaVorgna
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SOT 3/28/11 Tim Seymour Halliburton
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CNBC.com with wires.