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Traders: Bet on Bezos, Amazon will hit $1,000 before Alphabet

After Amazon hit a new intraday all-time high of $731.50 on Monday, the "Fast Money" traders debated whether or not it was worth holding the stock and whether it could cross $1,000 before Alphabet.

Trader Pete Najarian said that Amazon is a good bet because of CEO Jeff Bezos, despite the shares trading at a very high multiple.

"When you look at where they are dominating, it's in e-commerce. Well, that's a monster for them," he said. Najarian added that Amazon is also doing well in other products like cloud computing and its Prime membership services.

"This is a monster growing company that dumps money into themselves time and time again. And the market, for whatever reason, over the years has been able to embrace that and say that they're going to give them a pass," he said.

"Because of that I think this stock can get over $1,000. By the way, the last thing you need to keep an eye on is shipping logistics. That is the next part of the business that's going to push them over $1,000," Najarian added.

Trader Dan Nathan agreed.

"If you're going to place your chips on something, you'd say Amazon has a much better shot to get there," he said.

Karen Finerman said she still likes Alphabet and that even though Amazon may be more likely to hit $1,000 first, she said it's not enough for her to want to own the stock here. Finerman added, however, that she absolutely wouldn't short Amazon at the moment.

Amazon's domination of e-commerce and retail is only enhanced by the struggles of big box retailers. Shares of electronics retailer Best Buy fell 3 percent Monday after CEO Hubert Joly sold $12.8 million of his shares in the company, according to a Friday regulatory filing.

Trader Guy Adami said the sale isn't a good sign for the company and that its future "just doesn't look good."

"Best Buy to me still has problems, still has issues. Despite the valuation, which is reasonable, there's a short interest that continues to grow. People are betting against it," he said, adding that Amazon's success is not a small part of that pessimism in Best Buy.

"I'd rather own Amazon, crazy as it might sound, at that multiple than Best Buy at ten-times forward earnings," Adami said.

Nathan piled on and said it made sense for Joly to cut his stake in his own company. He added that Best Buy's sales have declined dramatically in the last few years.

"It's a structural short. Obviously you can talk about Amazon, whichever you want, but listen, good for him. Why not get out when there's still something to sell?," he said.

Disclosures:

Guy Adami:

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

Karen Finerman:

Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, KORS puts, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.

Pete Najarian:

Long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP Long Calls: AAL, ABBV, AKS, AMJ, BAC, C, CSCO, CSX, DAL, EGO, EWZ, GLW, GS, GSAT, HBAN, KGC, LLY, M, MDLZ, MSFT, MT, MU, NLNK, P, POT, SLV, SVU, TMUS, UAL, X, YHOO Long Puts: BID, FCX, GM, NAV, SCTY, VLO

Dan Nathan:

Long PFE Long TWTR, GE long May 28 puts XHB long June put spread IWM long Sept 100 put XLB long June put spread XLF long May/ Sept Put spread HYG long June put spread XLK long Sept Put spread FXI long aug put spred SMH long aug put spread, KO june / aug put calendar, long UA call calendar, long PYPL call calendar, long TLT Sept risk reversal, XLV july calls, MSFT june/july put spread, long C sept puts.