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Trading the selloff: 8 stocks to buy

Don't abandon biotech after it helped send U.S. markets reeling on Wednesday, CNBC "Fast Money" traders said.

"I'm still a believer in biotech," said trader Guy Adami.

The Nasdaq was the biggest loser in Wednesday's broad selloff, shedding more than 2 percent. The iShares Nasdaq Biotechnology ETF dropped more than 4 percent to close around $341.

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The fund has seen one-day moves of that magnitude in the past, so selling it now would be rash, Adami said. He added that Celgene looked appealing after slipping more than 4 percent to settle around $117 per share.

Amgen seemed the most "defensive" biotech name despite falling more than 3 percent on Wednesday, trader Tim Seymour said. He noted that the stock has been "trapped" in a range near $160 per share for months.

Traders also discussed how to play other sectors hit hard in Wednesday's selloff.

FedEx truck
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Transports

A more than 3 percent jump in U.S. crude oil prices helped to push Dow transportation stocks 2 percent lower on Wednesday. Delivery services company FedEx also fell more than 2 percent.

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Weakness in the stock offers a buying opportunity, Seymour said. It closed around $165 per share on Wednesday.

Trader Brian Kelly looked at more direct energy plays. He liked movement in the Energy Select Sector SPDR Fund and United States Brent Oil Fund, both of which climbed more than 1 percent higher on Wednesday.

Chipmakers

Big-name chipmakers Qualcomm, Intel and Micron all lost ground on Wednesday. Intel has the most upside in the space, Seymour and Kelly contended.

It dropped nearly 3 percent on Wednesday to close below $30 per share. Seymour noted that weakness in the personal computer business—which Intel heavily supplies—has already been priced in.

Disclosures:

Tim Seymour

Tim Seymour is long T, BAC, C, DIS, XOM, F, GE, GM, GOOGL, INTC and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, PF and SBUX.

Brian Kelly

Brian Kelly is long BTC=, U.S. dollar, GLD, EEM, CTRL calls, GSG, BBRY and TLT. He is short yuan.

Karen Finerman

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

Guy Adami

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