"I'd take a second look at the stock but I wouldn't rush in here."

“The stock has had trouble at the $35-$36 level. I’d be cautious about piling in, “adds Guy Adami.

Those were the Fast traders’ knee-jerk reactions after Broadcom

BRCM loading...

Quote  |  Chart  |  News  |  Profile

[BRCM  Loading...      ()] released earnings that beat expectations.

And perhaps more important, Broadcom issued a first-quarter revenue target in a range of $1.7 billion to $1.8 billion, implying a midpoint that is slightly higher than Wall Street expectations for $1.73 billion, according to Thomson Reuters I/B/E/S.

(BRCM) Loading...       (%)

“Historically this is the quarter where operating expenses tend to rise but the guidance looks solid. This may motivate Street analysts to revise earnings higher,” says Joe Terranova.

By the numbers fourth-quarter net income fell to $254 million, or 45 cents per share, compared with $266 million or 47 cents per share in the year-ago quarter.

But excluding unusual items its earnings per share of 68 cents beat Street expectations of 65 cents per share according to Thomson Reuters I/B/E/S.

Revenue fell to $1.82 billion from $1.95 billion and compared with the average expectation for $1.8 billion from Wall Street analysts, according to Thomson Reuters I/B/E/S.

The maker of chips used in a range of products from cell phones and set-top boxes also raised its dividend by 11 percent.

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Current DateTime: 09:29:24 29 May 2012
LinksList Documentid: 26256943

• • Digital Generation Bottomed Out: Finerman
  • See Fast Money Live from Chicago - Thursday June 7th
  • Desperately Seeking Dividend Yield
  • Tech Is Trying to Tell You Something: Terranova
  • Charts Suggest S&P Revisits Flat on Year: Top Analyst
  • Airlines Taking Flight?
  • Three Stocks For Thursday
  • Next Stop for Oil - $88.55

Current DateTime: 09:29:25 29 May 2012
LinksList Documentid: 26256941

• Super Traders Slideshow
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• Word On The Street

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Trader disclosure: On Jan. 31, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Adami owns C; Adami owns GS; Adami owns MSFT; Adami owns AGU; Adami owns NUE; Adami owns INTC; Adami owns BTU; Finerman owns AAPL; Finerman owns BAC; Finerman owns JPM; Finerman owns MSFT; Finerman owns IBM; Finerman owns GOOG; Finerman owns ORCL; Finerman owns GPN; Finerman owns CF; Terranova is long VRTS; Terranova is long LQD; Terranova is long MUB; Terranova is long EMC; Terranova is long AXP; Terranova is long JOY; Terranova is long MCD; Terranova is long OXY; Terranova is long IBM; Terranova is long SU; Terranova is long TRLG; Terranova is long CNX; Terranova is long SBUX; Terranova is long SNDK; Terranova is long GOOG; Terranova is long MA; Terranova is long UNG April $5 puts; Terranova is long AAPL Feb 430 puts; Terranova is short AAPL put spread; Terranova is short AAPL Feb 440 puts;

For Jon Najarian
No disclosures

For Larry Haverty
Gabelli Multi-Media Trust is long AMZN

For John Bollinger
Bollinger has positions in IWM
Bollinger has positions in Small Cap Russell 2000

For Rishab Ghosh
No disclosures

For Kerry Rice
(AMZN): I, Kerry Rice, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject company (ies) and its (their) securities. I also certify that I have not been, am not, and will not be receiving direct or indirect compensation in exchange for expressing the specific recommendation(s) in this report.

CNBC.com with wires.