Trading tech stocks: 5 plays on big movers – CNBC.com

Hewlett-Packard

Technology company Hewlett-Packard reports quarterly earnings on Thursday. Its stock has fallen more than 17 percent this year.

HP has a chance to move higher after its earnings and could rise to $38 per share in the short term, said trader Guy Adami. It closed around $33 on Wednesday.

But HP stock may not react well after earnings, and investors should stay cautious, trader Pete Najarian said.

“I think it flatlines for a while,” he said.

FireEye

Shares of network security company FireEye rose nearly 2 percent Wednesday. Seymour—who owns the stock—said it makes an appealing play around $42, where it closed Wednesday.

FireEye shares have climbed nearly 34 percent this year.

— Reuters contributed to this report.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, T, BAC, C, DIS, F, FEYE, GE, GM, GOOGL, INTC, JCP, SUNE and TUR. Tim’s firm is long BABA, BIDU, CHL, MCD, NKE, NOK, SBUX, TSL and YHOO.

Pete Najarian

Long AMAT, AAPL, BABA, BAC, BMY, BP, CSX, DD, DISCA, DKS, FOXA, GE, KKR, KO, LLY, MBLY, MRK, MT, PEP and PFE. He is long calls AA, AAL, BBY, CBS, COP, CSX, DB, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, KO, KSS, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, UPS, UUP, VALE, VMW, VZ, WSM, XLF, XOM and ZIOP. Today, he bought WSM calls.

Dan Nathan

Dan Nathan is long GOOGL June call fly, TWTR, BBRY June calls, TLT June call butterfly, SO and INTC May /July put spread. He is short SO Aug call and CRM May Strangle.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami’s wife, Linda Snow, works at Merck.

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Trading tech stocks: 5 plays on big movers – CNBC.com