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Big tech trades: 5 stocks to buy

Yahoo's decision to repurchase $2 billion in shares may provide the boon needed to make its stock a buy, CNBC "Fast Money" trader Guy Adami said.

"I've been waiting for a reason to buy Yahoo. This announcement might be the reason," he said.

Yahoo jumped nearly 2 percent in extended trading Thursday after the news. Adami likes the stock there, at around $45 per share, he said.

Adami and the rest of the "Fast Money" traders looked at how to play other technology names that made headlines on Thursday.

Sandisk

Chipmaker Sandisk plummeted more than 18 percent on Thursday after cutting its first-quarter revenue outlook. It closed at about $66 per share.

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Adami said the company still has "a day or two of pain left."

Sandisk
Source: Sandisk

Micron

Another battered chipmaker, Micron has slipped about 24 percent lower this year. The stock gained slightly on Thursday, and trader Karen Finerman believes it may have found a floor around $26 per share.

Netflix

Video streaming service Netflix has floated 22 percent higher this year. It closed down nearly 1 percent, at about $418 per share on Thursday.

Adami believes the stock will sink to $400 per share.

"I do think we see $400. I think you get long against that," Adami said.

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Apple

Tech behemoth Apple has climbed nearly 13 percent this year. It closed more than half a percent higher, above $124 per share on Thursday.

Trader Dan Nathan said the iPhone 6—which has helped drive recent bullish sentiment on Apple—"still works." Finerman said she was impressed with the company's recent capital allocation

Disclosures:

Steve Grasso

Steve Grasso is long BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, MTW, PFE, PHH, POT, SO, T, TMUS and TWTR. His firm is long AMD, NE, NEM, OXY, RIG, VALE, IBM, AMZN and AMD. His kids are long EFG, EFA, EWJ, IJR and SPY.

Dan Nathan

Dan Nathan is long BBRY June call spread, JPM long April 60/55 put spread, M April/May call calendar, QQQ May 108/98 put spread, SHAK, TWTR, XHB April 35/32 put spread and XLP May put spread. Today, he bought XLP May put spread.

Karen Finerman

Karen Finerman is long BABA, BAC, BJRI, C, FINL, FL, FRO, GOOG, GOOGL, JPM, M, MTW, KORS and SEDG. She is short DIA. Her firm is long AAPL, BAC, C, CMLS, DRI, DIS, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, MTW, KORS, SEDG, XBI, SUNE and URI. Her firm is long calls SDRL and URI. Her firm is short IWM, SPY and USO. Karen Finerman is on the board of GrafTech International.

Guy Adami

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