Trader Steve Grasso, who owns Disney shares, touted the value of its brands and intellectual property. He noted, however, that its shares may not make a good buying opportunity unless they fall more.
The stock now trades at a "pretty reasonable price" and could climb on Wednesday, contended trader Guy Adami.
Disney's strong report followed disappointing results from media rival Viacom on Tuesday morning that sent its shares more than 20 percent lower. The stock looks "very cheap" after the plunge, Seymour added.
Tim Seymour is long AAPL, BAC, DO, F, FCX, GM, GOOGL, INTC, JCP, NKE, SINA, T, TWTR, VZ, XOM. Tim's firm is long BABA, BIDU, IWM, KO, MCD, PEP, SAVE, SBUX, VALE, WMT,YHOO, short HYG, IWM.
Steve is Long AAPL, AEO, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long CXO, OXY, BP, CVX, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY
Brian Kelly is long BBRY, Bitcoin, GLD, SLV, TLT, US Dollar, Yen; he is short Aussie Dollar, British Pound, CS, DB, Euro, EWH, Hong Kong Dollar, UBS, SPY, Yuan.
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.