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Trading the Apple Watch: 5 tech plays

Look to invest in businesses that benefit from Apple's success rather than the enormous tech company itself, said CNBC "Fast Money" trader Pete Najarian.

Skyworks Solutions—a stock that has more than doubled in the last year—will become an S&P 500 component later this week. The semiconductor maker provides parts for Apple devices, which increases its upside, Najarian said.

"When you look at some of those that feed into the Apple system, right now it's a beneficiary of that. I love this name," he said.

The Apple logo is illuminated in red at the Apple Store on 5th Avenue in New York.
Carlo Allegri | Reuters
The Apple logo is illuminated in red at the Apple Store on 5th Avenue in New York.

Apple on Monday unveiled several new products, most notably its heavily anticipated Apple Watch. The stock spiked early in the day but gave up gains to close about half a percent higher, around $127 per share.

Read MoreApple Watch has 18 hour battery, starts at $349

Investors need to be "careful" with Apple, said trader Tim Seymour, who sold his shares in the company on Friday.

Expectations for the smart watch were low before Monday, so investors evaluating Apple should look beyond it, said traders Karen Finerman and Guy Adami.

Finerman said to "hold on" to Apple, while Adami noted that if the watch flops, a potential slide in stock price could offer another buying opportunity.

Seymour and Najarian both saw promise in another tech name that made headlines on Monday. Qualcomm spiked nearly 3 percent in extended trading after announcing a $15 billion buyback.

Read MoreQualcomm announces $15B buyback

Qualcomm's struggles, including a nearly $1 billion settlement with the Chinese government, are already priced in around $75 per share, Seymour said.

"I would own it at these levels," he said.

Qualcomm is a "massive underperformer" and a buy at its current price, Najarian said.

Disclosures:

Tim Seymour

Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SI and SBUX.

Pete Najarian

Pete Najarian is long AAPL, AMAT, BABA, BAC, BMY, BP, CSX, DISC, GE, JPM, KKR, KO, LLY, LOCO, MRK, PEP and PFE. He is long calls AAL, AMD, APPL, BAC, CAM, COP, DAL, EXXI, FB, FCAU, GE, GM, GRPN, GS, GT, HPQ, IAG, ISIL, JNJ, JPM, KNDI, LYB, LULU, MCD, MSFT, NEE, RF, SPY, SYY, UAL, UFS, WFC, WMB and XOM. He is long puts BHP. Today, he bought AMD calls and MSFT calls.

Karen Finerman

Karen Finerman is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M, KORS and SDRL. She is short DIA. Her firm is long AAPL, BAC, C, CMLS, DIS, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, KORS, SDRL, XBI and SUNE. Her firm is long calls SDRL. Her firm is short IRET, IWM, SPY and USO. Her firm is short calls FL. Karen Finerman is on the board of GrafTech International.

Guy Adami

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