A stock market decline in which the Dow Jones industrial average and the S&P 500 posted their first monthly losses since January provided opportunity to buy quality names at a discount, several pros said Thursday.

RiskReversal.com's Dan Nathan said that Verizon, which closed down 2.59 percent at $50.42 per share, was worth a look.

"It's got a 4-plus percent dividend yield, and I think that—in this environment where rates just don't seem to be going higher—looks attractive," he said. "All their revenues come from the U.S. This is kind of a 'Fortress America' trade."

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On CNBC's "Fast Money," Stuart Frankel's Steve Grasso said that Google offered a great deal of properties that set the company up for future success, such as the "hidden gem" of YouTube and Google Fiber, as well as recent acquisitions such as Dropcam and Nest.

But that wasn't all.

"Let's go back to their bread and butter: They still own just about 70 percent of search. So, when in doubt, stay with Google," he said. "Any chance to buy this one on a dip, I think you've got to add."

Shares of Google closed down 2.67 percent at $579.55 per share.

Brian Kelly of Brian Kelly Capital picked Whole Foods, which reported better-than-expected quarterly earnings but missed on revenue and same-store sales. The stock declined 2.25 percent, ending the day at $38.23 per share.

"I think here you've seen all the bad news wash out of this stock. They've got a billion dollars' buyback. I think you're fairly safe. $36 is your stop," he said.

Trademonster's Guy Adami said that he liked BlackBerry, whose stock closed down 3.91 percent at $9.33 per share.

Noting that the company's stock took a hit after Apple and IBM announced a massive hardware-and-software partnership.

"So, for a trade, I think BlackBerry for the first time in a while sets up pretty well," he said.

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Two stocks made the list for Michael Pachter, managing director of equity research at Wedbush Securities.

Activision Blizzard, whose stock closed at $22.38, down 2.23 percent, was "misunderstood," he said, noting the ongoing strength of top titles "Skylander," "Call of Duty" and "World of Warcraft."

"Blizzard is doing really cool things with a free-to-play game called 'Hearthstone,' and I think Activision's going to surprise the rest of the year," he said. "So, I think you have plenty of catalysts coming up. I really like it now."

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Pachter's second pick was GameStop, whose stock saw a decline of 2.71 percent to end the day at $41.97 per share.

Noting a cyclical nature to the stock's performance, the company was still performing well, he said.

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"That stock just dies every time anybody mentions the word 'digital' or 'digital downloads,' and it rallies every time they report," he said. "I think they're going to have a big quarter for July. I think they're going to have a huge holiday. They are gaining share in a growing market. And, yes, the threat of digital downloads is real. It's going to take share eventually. So, Gamestop will be out of business in 19 years instead of 20 years, but they're going to be around for quite a while."

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On July 31, 2014, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Dan Nathan is long QQQ Aug puts, HLF Aug puts, WYNN Aug put spread, CRM Aug 50 puts, BAC Aug 15 puts, CSCO Sept call spread, QCOM Oct calls, UPS long Sept puts, long TWTR long MAS Oct puts; Steve Grasso is long AAPL, CLVS, EVGN, GDX, IMMR, KBH, LNG, MHY, MJNA, NVIV, POT, SO, TWTR, YHOO, FB, GOOGL the firm is long NEM, TMUS, DHI, DE, MU, GRPN, AVP, OCN, IBM, SUNE short FXE; Brian Kelly is long BBRY calls, RSX, US dollar, WFM, he is short DAX, Eurostoxx 50, BA, gold silver, Nasdaq futures; Guy Adami is long C, GS, INTC, MSFT, AGU, NUE, BTU; Guy's wife, Linda Snow, works at Merck.