Vahan Janjigian, chief investment officer of Greenwich Wealth Management, told CNBC Tuesday he believes both large-cap names can overcome the problems now plaguing them.
In fact, IBM is one of his top 10 holdings.
"IBM is famous for reinventing itself. That doesn't necessarily mean it will do it again but I think there's a good chance that five years from now or 10 years from now, IBM will be … once again, at the top of its game," Janjigian said in an interview with "Power Lunch."
On Monday, IBM reported earnings excluding items of $3.68 a share on revenue of $22.40 billion. The tech giant had been expecting to post earnings excluding items of $4.31 a share on revenue of $23.37 billion.
While the stock has taken a beating on the news, Janjigian cautions investors to wait "a little bit" before buying because he thinks the stock may still go lower before reversing course.
McDonald's also didn't have good news on Tuesday when it reported its worst monthly comparable sales decreases in the U.S. and Europe since early 2003, according to a new note from Janney Montgomery Scott. The fast-food chain reported net income that dropped 30 percent and revenue that missed analysts' expectations.
Despite the generational shift away from traditional fast food chains and issues overseas in Russia and China, he said he would "seriously consider" adding more shares of McDonald's to his current, small position.
"I think the company will eventually overcome these issues and even though same-store sales are currently falling, the company is adding more restaurants worldwide and I expect things to level off," Janjigian said.
One name he would stay away from is Coca-Cola. That's because there has been a big shift away from carbonated soft drinks, and he doesn't think Coke has "not done a very good job of diversifying its portfolio of offerings."
On Tuesday, the Atlanta-based company reported $11.98 billion in revenue, compared with $12.03 billion a year ago. Analysts had been expecting $12.12 billion. It delivered earnings of 53 cents per share, excluding certain items, which was in line with expectations.
—CNBC's Katie Little and CNBC's Terri Cullen contributed to this report.