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How the Pros Are Playing Yahoo Ahead of Earnings

Yahoo! CEO Marissa Meyer runs her first earnings call at the helm of the tech giant Monday after the closing bell, but the CNBC "Fast Money" pros weren't eager to jump in the trade.

"I'm not doing anything before. I'm not doing anything after," said Stephen Weiss of Short Hills Capital. "It's a highly competitive space, and we've heard that buzzword, 'mobile strategy,' now from every company. Nobody's succeeding, so I'm going to take a wait-and-see."

Simon Baker of Baker Avenue Asset Management wasn't buying.

"I'm taking a wait-and-see, too," he said. "I think she needs a little bit of time."

TheStreet CIO Stephanie Link saw potential, calling out Yahoo's hiring of industry veteran Ken Goldman as chief financial officer.

"I do actually think this could be interesting long-term, kind of spec play because you do have a new management team — not only a new COO, a new CFO. He's like a restructuring guy," she said. "He's done it in the past. And so I expect to see and hear more about it. His first day on the job is today."

Link said that she expected about $3 billion in buybacks between now and 2014.

But she was not a buyer.

Stuart Frankel's Steve Grasso praised Meyer's initial steps.

"She is slowly but surely gaining the investment community's respect here. And she's going for technology versus media content, but it is caught in a trading range — 14 ½, 16 ½," he said. "I'd play it accordingly, but like the rest of the group, I'm not eager to jump in right here."

Trader disclosure: On Oct. 22, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long JPM; Simon Baker is long AMZN; Stephen Weiss is short CAT; Stephen Weiss is long CNX; Stephen Weiss is long C; Stephen Weiss is long BAC; Stephen Weiss is long AIG; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long SBUX; Stephanie Link is long CAT; Stephanie Link is long BA; Stephanie Link is long EMC; Stephanie Link is long IBM; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN; Steve Grasso is long GOOG.

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