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.
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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."
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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.