Is Antitrust Probe a Reason to Sell Google?

The Fast Money traders are at odds over how to trade Google, after the FTC said a high profile attorney will begin running its antitrust investigation as soon as Monday.

“I’m a buyer of a dip," says Jon Najarian. "I’m not worried about this hurting shares. This is a stock to own.”

Najarian thinks the potential of mobile search, Android smartphones, Android tablets as well as other Google initiatives far outweigh any negatives presented by this lawsuit.

Trader Steve Grasso, counters that he'd “rather be a seller than a buyer."

Grasso argues that fears of litigation dragged down Apple and he sees no reason the same won’t happen with Google.

And the litigation does seem to be taking a serious turn.

Beth Wilkinson, a former federal prosecutor best known for convicting Oklahoma City bomber Timothy McVeigh and now a partner with Paul, Weiss, Rifkind, Wharton & Garrison, will start work on this case Monday.

FTC Chairman Jon Leibowitz said his agency went outside its staff because of the importance of the case, which could have implications for not just Google's growth ambitions but also consumers' use of the Internet.

Google has been accused of using its clout in the search market to stomp rivals as it moves into related Web businesses such as travel search. European regulators are also looking into similar claims.

Although the FTC has not yet decided whether to bring a lawsuit, chatter on the Street suggests the hiring of Wilkinson increases the chances of litigation.

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Trader disclosure: On Apr 27, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Pete Najarian is long SBUX; Pete Najarian is long INTC; Pete Najarian is long MSFT; Pete Najarian is long HPQ; Pete Najarian is long CE; Pete Najarian is long WLT; Pete Najarian is long MOS; Pete Najarian is long ECA; Pete Najarian is long PFE; Pete Najarian is long MRK; Pete Najarian is long COP; Pete Najarian is long APPL; Pete Najarian is long OPTIONS IN ABX; Pete Najarian is long OPTIONS IN BMY; Pete Najarian is long OPTIONS IN CLF; Pete Najarian is long OPTIONS IN DVN; Pete Najarian is long OPTIONS IN GT; Pete Najarian is long OPTIONS IN MGM; Pete Najarian is long OPTIONS IN SBUX; Pete Najarian is long OPTIONS IN SNDK; Pete Najarian is long OPTIONS IN STI; Pete Najarian is long OPTIONS IN V; Pete Najarian is long OPTIONS IN XCO; Steve Grasso is long ASTM; Steve Grasso is long AVAV; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long NUAN; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long PRST; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA; Steve Grasso is long CUBA; Steve Grasso is long GERN; Steve Grasso is long HPQ; Steve Grasso is long HSPO; Steve Grasso is long MU; Steve Grasso is long NYX; Steve Grasso is long UAL; Steve Grasso is long P; Steve Grasso is long PRST; Steve Grasso is long VVUS; Steve Grasso is long XRX; Steve Grasso is long ZNGA; Steve Grasso is short AAPL; Steve Grasso is short QQQ

For Mike Murphy
Mike Murphy is long JPM
Mike Murphy is long INTC
Mike Murphy is long ANF
Mike Murphy is long SBUX
Mike Murphy is long FCX
Mike Murphy is long PHM

For Willie Williams
Nothing to disclose

For Herman Leung
SFG is a market maker in the securities of AMZN

For Nicole Miller Regan
Piper Jaffray was making a market in the securities of SBUX

For Chris Konstantinos
Pending with wires.