Walt Disney, which has taken a hit of its own amid concerns about subscribers, still looks worth buying, argued trader Steve Grasso, who owns the stock. It closed Tuesday near $95 per share, and traders could use $90 as a stop if they choose to buy in, he contended.
But trader Dan Nathan was more hesitant on Disney. He said it could take "quarters and quarters" for Disney to work through cable headwinds.
Nathan believes the stock could slide below $90 per share.
Long AAPL, BAC, BKE, BMY, DIS, DISCA, GE, KMI, KMI-A, KO, MRK, PEP, PFE, SAVE, VIAB, he is long calls AA, AAL, AMJ, BAC, BHP, DAL, DATA, GDX, HAIN, HBAN, HOT, IBM, LC, NRF, SLV, TJX, UAL, USG, WMB, WYNN, ZIOP, he is long puts DB, EWH, MRO, MUR, RIG, VLO.
Dan is long PFE buy-write, long TWTR, long UUP March calls, long GE May 28 puts, long JPM April puts, long XLP March put spread, long XRT March puts, long XLB March puts, long HD put butterfly, long QQQ puts, long INTC March/April put spread
Steve is Long AAPL, AEO, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long MCD, CXO, OXY, BP, CVX, RIG kids own EFA, EFG, EWJ, IJR, SPY
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.