6 earnings trades on Chipotle, Disney and Gilead

Earnings season rolls on and investors continue to eye sharp post-announcement movements for entry and exit points.

Chipotle, Walt Disney and Gilead—key players in three diverse sectors—reported quarterly results that were heavily watched on Tuesday. CNBC's "Fast Money" traders looked at how to play the companies' earnings.

Chipotle shares reeled on Tuesday after the company reported quarterly earnings that beat expectations but fell short of predictions for comparable restaurant sales and revenue. The stock dropped more than 6 percent in extended trading, falling to about $678 per share.

Read MoreChipotle earnings: $3.84 per share, vs. expected EPS of $3.79

Chipotle

The fast-casual chain failed to satisfy top-line expectations, said trader Tim Seymour. He believes McDonald's provides a better opportunity in the restaurant space, considering Chipotle's lofty price.

"I think it's going back down to [$600 per share]," Seymour said.

Trader Pete Najarian, though, saw a buying opportunity in the selloff. He noted that Chipotle can withstand potential price increases it described in its earnings call.

Walt Disney

"Fast Money" traders stood divided on Disney, as well. The media conglomerate handily beat expectations for earnings and revenue on Tuesday, sending shares higher in after-hours trading.

Read MoreDisney earnings: $1.27 per share vs. expected EPS of $1.07

Disney is "hitting on all cylinders" and shares should shoot even higher in the short-term, said trader Steve Grasso.

But problems could loom in the company's future, said trader Brian Kelly. Shareholders may want to start shedding Disney stock if it continues to spike.

"I think next quarter could be a problem, so you start to trim out of it here," Kelly said.

Gilead

The pharmaceutical company's stock went lower despite it reporting earnings that slightly beat Wall Street expectations. Damage, though, should be limited and the stock likely won't go much lower than $101 per share, where it fell on Tuesday.

"I think at these levels it's still a buy," Najarian said.

Disclosures:

Tim Seymour

Tim Seymour is long AAPL, BAC, BX, C, DIS, F, GE, GM, GOOGL, INTC, PBR, SUNE and TWTR. Tim's firm is long BABA, BIDU, CCU, DSKY, FCX, KNDI, MBT, MCD, NKE, NOK, SINA, SBUX, TSL and VIP.

Brian Kelly

Brian Kelly is long BTC=, US Dollar, CTRL calls, HYG puts, TWTR call spreads and BBRY call spreads. He is short EWA, EWG, EWQ, EWZ, EWW, Australian dollar, British pound, Canadian dollar and yuan. Today, he bought CTRL calls.

Pete Najarian

Pete Najarian is long AAPL, BABA, DB, JPM, LOCO, KKR, LLY, MRK, BAC, BMY, PFE and KO. He is long calls AAL, BABA, COP, DAL, DIS, DNKN, EBAY, FCX, GILD, GT, IAG, ISIL, MCD, MRVC, PEP, RG, SYY, UAL, XLE, XLF, SPY, EWG. He is long puts BHP. Today, he bought GILD calls and DIS calls.

Steve Grasso

Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, NVIV, PFE, POT, SO, T, TMUS, TWTR and YHOO. His firm is long MCD, KO, USO, FCX, NE, NEM, OXY, RIG and VALE. His kids are long EFG, EFA, EWJ, IJR and SPY.