Go Gaga Over Google?


Earlier this week Google launched it’s new smartphone to somewhat mixed reviews.

According to Ad Age, the new Google phone “generally got high marks from bloggers and analysts, who praised the high-resolution screen.” They go on to say say it’s being compared to the iPhone for its touch screen and high speed 3G capabilities.

However, CNBC’s Jim Goldman writes, “it has a long way to go to foster the kind of cult, fanatic following that characterize both iPhone and BlackBerry."

Piper Jaffray analyst Gene Munster is very excited about the new gadget. "I think this is a big opportunity for investors to buy Google, he says. "Advertisers are buying Google keywords. They need Google and they need search. Wall Street is just missing the point.”

Traders, what do you think?

Google has been a proxy for the overall market, adds Guy Adami. I think Gene is right. It's a buy.

Google is trading at a decent valuation when you back out the cash, adds Karen Finerman. I also think you can get long.

This phone doesn’t advance the ball in terms of advertising dollars, counters Jeff Macke. I’d stay away.

And, in case you’re wondering, the new phone goes on sale October 22nd at T-Mobile stores.

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Trader disclosure: On Sept 24, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (CY), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (BBBY) Put Spread; Najarian Owns (BIIB) Calls; Najarian Owns (MS) And (MS) Puts; Najarian Owns (NOK); Najarian Owns (RIMM) Call Spread; Najarian Owns (WB) Put Spread; Najarian Owns (XLF) Call Spread; Finerman Owns (GS); Finerman's Firm Owns (DELL), (JNJ), (MSFT), (NOK), (SUN), (TSO), (VLO), (WM); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF)

Piper Jaffray Is A Market Maker In (AAPL), (GOOG), (YHOO)

CNBC.com with wires