Trading Google Ahead of Earnings

Google, the Internet search giant and technology company, reports quarterly earnings after the closing bell Thursday. With a full day of trading before Google spills the beans on the third quarter, the "Fast Money" traders discussed their thoughts on the stock.

"I feel like this stock has had a very, very big run," said Karen Finerman, president of Metropolitan Capital Advisors, adding that she plans to hang on to GOOG "knowing that this could be a very volatile ride" through earnings.

Finerman said she's long-term bullish on the Mountain View, Calif.-based company because it's starting to see traction on its Android operating platform, even though she doesn't think it will move the needle.

Google does tend to be an unstable stock on earnings, reports CNBC's Melissa Lee. On an earnings miss, it typically moves down 10 percent, but only moves up 3 percent on a beat.

With the earnings report, Joe Terranova, chief market strategist at Virtus Investment Partners, said most investors will want to hear about its "expense control issue." Operating margins fell from 37 to 35 percent last quarter, he said, but the company raised its head count. The company has $30 billion in cash and while they're spending money on small acquisitions, Terranova said investors want to see some of it.

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"What would be fantastic is some kind of capital allocation change," said Finerman, like a one-time dividend or a massive buyback, for example.

Meanwhile, Simon Baker expects Google to beat estimates. He recommends being long Google, along with Cirrus Logic .

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Trader disclosure: On Oct.13, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Finerman owns (GOOG); Finerman’s Firm owns (IBM); Finerman and Finerman’s Firm own (JPM); Finerman and Finerman’s Firm own (BAC); Finerman’s Firm own (MSFT); Finerman’s Firm owns (RIG); Finerman’s Firm owns (WMT); Finerman's firm is short (IJR); Finerman's firm is short (MDY); Finerman's firm is short (SPY); Finerman's firm is short (IWM); Finerman’s firm owns S&P 500 puts; Finerman’s firm owns Russell 2000 puts; Terranova Owns (APA), (AAPL), (IBM), (OXY), (RSH), (UPL), (XBI), (JOYG), (C), (AXP), (SWN), (AGU), (EOG), (HES), (OIH), (ORCL), (SU), (VRTS), (FTO), (RIG), (PEP), (POT), (CRM), (CF), (VMW); Terranova Owns (AAPL) puts; Pete Najarian owns (DD), (TSO), (YHOO), (AKAM), (BMC), (F), (LVS); Simon Baker Owns (SLW), (IGTE); Simon Baker's Firm Owns (SLW)

For Anthony Scaramucci
Scaramucci and SkyBridge Capital own (RL)

For Brian Kelly
Accounts managed by Kanundrum Capital own (ANDE)
Accounts managed by Kanundrum Capital own (ADM)
Accounts managed by Kanundrum Capital own (GS)
Accounts managed by Kanundrum Capital own (JEF)
Accounts managed by Kanundrum Capital own (MSFT)
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (SLV)
Accounts managed by Kanundrum Capital own (GPRE)
Accounts managed by Kanundrum Capital are short U.K. Pound
Accounts managed by Kanundrum Capital are short Mexican Peso

For Joe Terranova
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners own more than 1% of (ABAX)
Virtus Investment Partners own more than 1% of (ALK)
Virtus Investment Partners own more than 1% of (AMKR)
Virtus Investment Partners own more than 1% of (CASS)
Virtus Investment Partners own more than 1% of (CSVI)
Virtus Investment Partners own more than 1% of (IGE)
Virtus Investment Partners own more than 1% of (LDR)
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Virtus Investment Partners own more than 1% of (XLB)
Virtus Investment Partners own more than 1% of (XLP)
Virtus Investment Partners own more than 1% of (XLY)
Virtus Investment Partners own more than 1% of (XLF)
Virtus Investment Partners own more than 1% of (XLI)
Virtus Investment Partners own more than 1% of (XLU)
Virtus Investment Partners own more than 1% of (SUBK)
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Virtus Investment Partners own more than 1% of (YDNT)
Virtus Investment Partners own more than 1% of (DRYS)

For Kate McShane
An employee of Citigroup Global Markets Inc. is a director of (BBY)
Kate McShane owns (BBY)
Citigroup is a market maker in (COLM), (FINL), (SPLS), (BBBY), (ORLY)
Citigroup has a significant financial interest in relation (NKE), (VFC), (BBY), (ODP), (SPLS)
Citigroup received investment-banking compensation within the past 12 months from (LIZ), (VFC), (ODP), (AZO), (SPLS)
Citigroup received compensation for non-investment banking services from (FL), (LIZ), (NKE), (PVH), (RL), (VFC), (BBY), (ODP), (OMX), (WSM), (AZO) (COLM), (SPLS) (BBBY) in the past 12 months
Citigroup had within the past 12 months, (LIZ), (VFC), (ODP), (AZO), (SPLS) were investment banking clients

For Mike Khouw
Cantor Fitzgerald makes a market in (FCX)

For Steve Sakwa
***No Disclosures***

CNBC.com with wires.