Google May Signal Trouble in Mobile: Analyst

Google's miss on quarterly earnings and revenues could be telling a larger story about the mobile space, Kim Forrest of Fort Pitt Capital said Friday on CNBC.

"You have to look at Google for the mobile story," she said on "Fast Money." "You have to look at consumer behavior."

(Read More: Google Miss 'About Mobile Shifting Quicker': Pro)

Forrest shared an anecdote about an informal poll among her friends, asking how many people make purchases on their smartphones: Only one person admitted doing so.

"Advertisers aren't really willing to pay big bucks for mobile," she said. "I think that's Google's biggest problem."

(Read More: Google 'Better Than it Was 15 Minutes Ago': Baker)

Forrest didn't recommend buying Google on the drop.

"I don't think so, again, because the trends are down," she said. "I don't know where the low is, and I don't know that the stock price is telling us that."

Microsoft still held some potential in her view, but maybe not right now.

"we're looking really toward Win 8. Win 8 is going to be huge," she said. "Maybe I'd take a run at Microsoft today. I don't know."

IBM offered better opportunity, she said.

"I think I have a little more conviction on IBM today than any other stock we're going to mention," she said, adding that the company's move into the cloud was promising. "That's really what IBM can help existing companies do."

Written by Bruno J. Navarro, CNBC.com Producer.

Trader disclosure: On Oct. 19, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in RHI; Jon Najarian is long call spreads in MAN; Jon Najarian is long call spreads in DLTR; Jon Najarian is long GLUU; Jon Najarian is long STSI; Jon Najarian is long CME; Jon Najarian is long CBOE; Pete Najarian is long AAPL; Pete Najarian is long JPM CALLS; Pete Najarian is long WFC CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steve Grasso is long GOOG; Steve Grasso is long ACI; Steve Grasso is long AET; Steve Grasso is long ASTM; Steve Grasso is long AUO; Steve Grasso is long BA; Steve Grasso is long BTU; Steve Grasso is long CLF; Steve Grasso is long F; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long P; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long WYNN.

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