"There's a big difference between a tablet and a smartphone," he said. "You can actually get higher rates on a tablet, closer to a desktop."
(Read More: Stocks Face 'More Selling Pressure': Joe Terranova)
Pyykkonen said that he expected earnings to clock in above consensus because of mobile.
"I think that's going to be a bright spot that most people haven't focused on," he said.
Pyykkonen also said that he expected Facebook to add a "want" button along its existing "like" button, which would help facilitate e-commerce — and larger revenues.
(Read More: Facebook, Apple and Tech Dominate as Investors Weigh Debate Results)
"I think they're definitely going to have it," he said.
Much the same way Google invented a new advertising revenue platform, so will Facebook be able to draw advertisers unique to the space, Pyykkonen said.
"It's Facebook's game to lose," he added. "I don't think they're in a cyclical nature yet. It's more secular, but there's still a lot they have to execute on and we've got quite a few quarters coming up that we'll benchmark them on."
Written by Bruno J. Navarro, CNBC.com Producer.
Trader disclosure: On Oct. 23, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: 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; Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; Joe Terranova is long GLW; Brian Kelly is long GLD; Brian Kelly is long SMH; Brian Kelly is long SLV; Brian Kelly is long SPY PUTS; Brian Kelly is short XLF; Brian Kelly is short EWW; Brian Kelly is short EWA; Brian Kelly is short XLV; Josh Brown is long AAPL; Josh Brown is long XBI;
For Martin Pyykkonen
Important Disclosures Ownership & Material Conflicts of Interest: Wedge Securities LLC (the "Firm"); its affiliates (Wedge Partners Corporation); its employees, Research Analysts or members of their families or households (the "Affiliated Entities") may own less than 1% of registered or non-registered securities, options, rights, warrants or futures on any such security the company featured in this report (the "Company"). The Firm may trade in its accounts of its customers. Compensation: The research analyst who authored this report (the "Analyst") does not receive compensation based on the Firm's investment banking revenues or from the Company and has not done so for the past twelve months. The Firm does not have any investment banking relationship with the Company. As such, the firm has not received compensation for investment banking activities in the past twelve months and does not expect to receive compensation for investment banking activities in the next 3 months. The Firm and its Affiliated Entities do not have a consulting or other revenue-generating relationship with the Company in the last twelve months. Position as Officer/Director: The Analyst does not serve as an officer, director, or advisory board member of the Company. The same is true for members of the Analyst's household. Meaning and Distribution of Ratings: The Firm does not publish ratings on covered companies. Price Chart: The Firm does not publish price charts on covered companies. Price Targets: The Firm does not publish price targets on covered companies. Market Making: The Firm does not make markets in any securities.
Got something to to say? Email us at firstname.lastname@example.org and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our website, email email@example.com.