"The smart thing to do is take money off the table here. No question," said trader Guy Adami.
Amazon shares soared more than 17 percent in extended trading as the online retailer easily topped analysts' earnings and revenue estimates. Amazon turned a profit, while Wall Street expected a loss. Revenue grew 20 percent year-over-year.
Investors cheered a 2 percent operating margin and a quadrupled net income in Amazon Web Services, the company's cloud computing segment.
The stock was already up more than 50 percent for the year heading into earnings. Trader Brian Kelly agreed that investors may want to sell some Amazon stake on the post-earnings move.
Starbucks shares rose more than 4 percent after it beat quarterly estimates on the top and bottom line Thursday. The coffee chain also announced that it would repurchase 50 million shares as part of its buyback program.
Trader Josh Brown said he like Starbucks as a long play after the quarter.
Juniper Networks shares jumped after the network technology company posted better-than-expected second-quarter results Thursday. Trader Brian Kelly believes trends in the business bode well for competitor Cisco Systems.
The company's stock rose more than 1 percent in extended trading.
Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JPM, SUNE, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Brian Kelly is long BBRY, BTC=; ITB, TAN, TLT, TSL; he is short Oil, Yuan and Yen. Today he shorted Oil.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Long AAPL, DE, DNKN, EBAY, FSLR, JMBA, SAM, SHAK, SPWR, TNET, TWTR, XLE, XON.