Chinese Internet company Baidu dropped nearly 3 percent in extended trading after a mixed quarterly earnings report. Despite beating Wall Street's earnings expectations, Baidu missed on revenue and issued light guidance for the second quarter.
The limited downward move shows that the company remains in decent shape, said trader Dan Nathan. He said the stock looks appealing if it falls below $210 per share, $3 lower than where it traded Wednesday.
Social media company Twitter reeled for the second straight day, closing 9 percent lower in the wake of Tuesday's disappointing earnings report.
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Trader Steve Grasso said Twitter is "failing tragically" but bought stake in the company Wednesday. He noted that Twitter's weakness makes it a potential takeover target or ripe for activist investor influence.
Trader Brian Kelly said he like the wearable camera maker GoPro's stock even after a 12 percent jump Wednesday. The company reported quarterly earnings and revenue that beat analysts' expectations Tuesday.
He compared GoPro's brand recognition to Heinz ketchup, contending that "you can buy ketchup from anybody, but people want Heinz ketchup."
Dan is long BBRY June call spread, M May call spread, T, NKE call spread, QQQ May 108/ 98 put spread, WMT June call spread, IWM May put fly, XLP May put spread, XLY May puts, LULU May puts and INTC May /July put spread. Today, he bought TWTR and sold SHAK.
Steve Grasso is long AAPL, BAC, BTU, DD, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long IBM, AMZN, AMD, MCD, KO, FCX, OXY, RIG, NE, TSE and VALE. His kids own EFG, EFA, EWJ, IJR and SPY.
Brian Kelly is long BTC=, crude oil, GLD, GSG, BBRY, SPY puts and U.S. dollar. He is short 30-year bond futures, Australian dollar, DAX, yen and yuan. Today, he bought crude oil and GLD. Today, he shorted DAX.
Karen Finerman is long BAC, C, FINL, FL, GOOG, GOOGL, JPM, M, MA and KORS. She is short SPY. Her firm is long AAPL, ANTM, BABA, BAC, C, CMLS, DIS, FINL, FBT, FL, GOOG, GOOGL, GPS, IBB, JPM, M, KORS, XBI, SUNE and URI. Her firm is short IWM, MDY and SPY. Karen Finerman is on the board of GrafTech International.