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4 ways to trade the social climbers

Yahoo's first-ever mobile developer conference on Thursday failed to impress some CNBC "Fast Money" traders.

"They're going to be a very small piece of search, they're going to be a very small piece of mobile messaging and anything else they might try to compete with the big guys on. This is not a company that I'd want to own for that reason," said trader Jon Najarian.

Read MoreYahoo wants to show it can make mobile work

The company has fallen behind competitors like Facebook and Google in mobile. Though its shares rose nearly 2 percent on Thursday, Yahoo looks "lost" in messaging, said trader Dan Nathan.

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But it "is worth owning" at about $44 per share, where it closed on Thursday, mostly as a play in Alibaba, said trader Guy Adami. It holds shares in the Chinese Internet company—valued at about $40 billion—that it will eventually spin off into an independent entity.

"I think you get more bang for your buck being long Yahoo if you believe Alibaba's gonna rally," Adami said.

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Another battered Internet stock, Twitter, has enjoyed a strong run recently. It closed nearly 2 percent higher around $49 per share on Thursday.

Najarian bought shares in the social media company on Thursday, but said he will sell once it rises above $50 per share. Twitter becomes more appealing on pullbacks, Nathan said.

Adami also liked Facebook's prospects after a day in which it rose more than 3 percent. He said that he believes the stock will climb higher from $79 per share, where it closed on Thursday.

Disclosures:

JON NAJARIAN

Jon Najarian is long ABT, ADP, AMAT, AN, ATVI, AUY, BRCM, BSX, DNKN, GT, HUN, INFN, KBH, KO, MW, NEE, NRG, NSAM, OKE, POST, RIG, SFUN, SIRI, SYK, TWTR, TWX, WBA, WMB, XLE, he is long calls BYD, EWJ, TWTR, today he bought AMAT, EWJ calls, KO, TWTR, TWTR calls

BRIAN KELLY

Brian Kelly is long BTC=, US Dollar, GLD, CTRL calls, HYG puts, BBRY call spreads, TLT, he is short EWA, EWG, EWQ, EWZ, EWW, Australian Dollar, British Pound, Canadian Dollar, Yen, Yuan

DAN NATHAN

Dan Nathan is long BBRY June call spread, DIS Feb 92.50/87.50 put spread, KO March put spread, MSFT March call spread, MU March 31/26 put spread, QQQ Feb 101/ 95 put spread, XLF March put spread, XLU March 48/44 put spread, XRT March 90/85 put spread, YUM Feb 72.50/68 put spread

GUY ADAMI

Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck