Earnings reports were among the factors that drove major U.S. indexes lower on Tuesday. The Dow, for instance, plummeted nearly 300 points on the day.

But market reaction to earnings was not entirely bleak, as some companies reporting later in the day saw shares surge after their announcements. After a day when notable stocks reacted sharply to earnings, CNBC's "Fast Money" traders looked at how to play the big moves.

Apple- The tech giant handily beat Wall Street expectations for both quarterly earnings and revenue, bolstered by better-than-expected iPhone sales. Shares climbed nearly 6 percent in after-hours trading, up to around $115 per share.

Read MoreBlowout: Apple crushes Wall St. estimates

Investors shouldn't sell on the jump, said trader Dan Nathan. However, the price may start to see resistance at $120 per share and above, where investors should start to be wary, traders said.

"Somewhere north of $120 you start to be careful," trader Tim Seymour said.

Yahoo- While the company reported mixed quarterly results, its stock moved more than 3 percent higher on news that it would spin off its $40 billion in Alibaba shares into an independent entity. At around $51 per share, investors could still get Yahoo's core business for "next to nothing," said trader Guy Adami.

Read MoreYahoo to spin off its remaining Alibaba stake

Caterpillar- Shares dropped more than 7 percent on Tuesday after the company missed quarterly earnings expectations. The drop brought the stock to about $79 per share, where it "looks interesting," Seymour said.

Adami agreed, adding that it provides an opportunity to carve a long stake in Caterpillar.

AT&T- Subscriber growth propelled the telecom giant to quarterly earnings that slightly beat expectations. Shares rose nearly 2 percent in after-hours trading.

Read MoreAT&T earnings: 55 cents per share vs EPS estimate of 54 cents

"I don't think you're going to get hurt on AT&T here," Seymour said.

U.S. Steel- Shares went about 9 percent higher in after-hours trading after the company beat quarterly earnings expectations. Sitting around $23 per share, the stock remains cheap and is "very interesting," Seymour said.

Disclosures:

Karen Finerman

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

Tim Seymour

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

Dan Nathan

Dan Nathan is long BABA Feb / Mar 95 put spread, UAL Feb put spread, TWTR, BBRY June call spread, XLU March 48 / 44 put spread, TLT March 130/120 put spread, QQQ Feb 101/ 95 put spread and XRT March 90/85 put spread. Today, he closed PG Feb 89/85 put spread.

Guy Adami

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