Pro Trader: Ride the Yahoo Mojo

Yahoo landed once again on the Fast team’s radar Thursday after Third Point’s Dan Loeb announced the hedge fund had acquired a 5.1 percent stake in Yahoo and called for a new board of directors.

Loeb, in his letter to the Yahoo board, slammed the directors for making “serious misjudgments” and for destroying the value of for stockholders. The news comes two days after the board fired CEO Carol Bartz.

Shares of the Internet giant spiked on the news. So is it time to jump aboard Yahoo? Fast trader Guy Adami certainly thinks so.

“Yahoo is a very interesting buy here,” he said. “This stock definitely has some mojo … I think it goes higher.”

But Stephen Weiss is staying away.

“I think it is a deteriorating franchise and I don’t think you invest in a company just because it may be bought,” he said. “There are other opportunities.”

Loeb has been known to get things changed, Weiss said, but he thinks Loeb’s call for a new board is a tall order. “I don’t know anybody that can move (co-founder) Jerry Yang and the others.”

But Yahoo wasn’t the only big tech stock catching the attention of the Street.

Microsoft was up in mid-day trading ahead of its annual analyst day next week.

While Guy Adami thought it's worth taking a look at the tech giant, Zach Karabell isn’t excited about Microsoft.

“I don’t know when Microsoft has broken out of this $23 to $26 band and that’s a pretty narrow range,” Karabell said. “I am not sure why you buy a stock like Microsoft no matter how much of a cash cow it is.”

Trader Brian Kelly had his eye on OpenTable after Google announced its purchase of restaurant rating guru Zagat. He thinks OPEN could be a short based on the news.

“Google can certainly do the same service for free and make money buy selling advertising,” he said. “I think that would be a much better, sustainable business model. If I was OpenTable I would be very concerned about this move.”

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What’s next for gold?

Volatility is alive and well in gold . The precious metal is bouncing back from Wednesday’s sell-off. So what’s next for gold given the big swings of late?

George Gero, Vice President of Global Futures at RBC Capital Markets has all the details. Watch the video now!

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Trader disclosure: On Sep 8, 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 (KO); Weiss Owns (JPM); Weiss Owns (QCOM); Weiss Owns (VZ); Weiss Owns (DE); Weiss Owns (COP); Weiss Owns (EUO); Weiss Owns (MOS) ; Weiss Owns (COP); Weiss Owns (BTU); Karabell own (AAPL); Karabell own (BAC); Karabell own (GS); Karabell own (GOOG); Karabell own (JPM); Karabell own (IBM); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU)

For Brian Kelly
Rivertwice Capital owns (IBM)
Rivertwice Capital is short (XLF)
Rivertwice Capital is short (GLD)
Rivertwice Capital is short (SMH)

Brian Kelly
Accounts managed by Brian Kelly Capital own (TLT)
Accounts managed by Brian Kelly Capital own (MON)
Accounts managed by Brian Kelly Capital own (MCP)
Accounts managed by Brian Kelly Capital own (JJG)
Accounts managed by Brian Kelly Capital are short (SLV)
Accounts managed by Brian Kelly Capital are short (FXF)
Accounts managed by Brian Kelly Capital are short (JJC)
Accounts managed by Brian Kelly Capital are short the Euro

George Gero
**No disclosures

CNBC.com with wires.