Battered professional social network LinkedIn beat both earnings and revenue expectations, sending its shares about 7 percent higher. Music streaming company Pandora reported a loss, but still topped estimates, and its shares rose 9 percent.
Traders cautioned on LinkedIn because the company had already lowered its guidance for the quarter significantly. Trader Dan Nathan even said he would not consider it a "beat" because expectations were already so low.
The stock's price seems to high, trader Tim Seymour added, because its user engagement is not as high as other social networks.
However, trader Steve Grasso added the stock could potentially rise as much as 20 percent on a technical basis. Short covering could also send it higher, he added.
Turning to Pandora, Nathan called it "a bit of a mess" which faces "a lot of competition." However, Seymour noted he likes the stock because it still has loyal users and could be a potential takeover target.
Karen is long BAC, C, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, BOKF, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, NRF, PLCE, SPY puts, URI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long CVX, NE, OXY, RIG kids own EFA, EFG, EWJ, IJR, SPY
Dan is long XLF may/ sept put spread. long PFE, long TWTR, long GE May 28 puts, long HYG June puts, long IWM May and September puts, long XHB June put spread, long XLE April/June put spread, FXI Long Aug Puts, SMH Long Aug puts, XLK long Sept put spread. TWTR long Sept risk reversal
Tim Seymour is long AAPL, AVP, BAC, BBRY, CLF, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, GLNCY, INTC, LQD, MCD, MPEL, NKE, RACE, RAI, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. Tim's firm is long BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM, WYNN