Semiconductor company Qualcomm lost ground on Monday despite activist firm Jana Partners urging it to speed up a $10 billion stock repurchase and consider splitting its business. The stock closed more than half a percent lower, around $69 per share.
Trader Dan Nathan said that Qualcomm looked "broken." He added that it would continue to be a "work in progress."
Internet company Yahoo also moved lower on Monday as activist firm Starboard urged it to improve its core business. The stock shed nearly 1 percent to close below $45 per share.
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Yahoo has traded in line with Chinese e-commerce giant Alibaba, in which it owns nearly 400 million shares, Nathan said.
"I think you have more potential upside in Yahoo than you do in Alibaba in the near-term," he contended.
Shares in software company Symantec dropped nearly 6 percent as investors reacted to lackluster buyer interest in its Veritas business. Adami said he would much rather own Palo Alto Networks in the space.
Pete Najarian is long AMAT, AAPL, BABA, BAC, BMY, CSX, KKR, KO, LLY, LOCO, MBLY, MRK, PFE and SAP. He is long calls AA, ABT, BBBY, BK, CBS, CNX, CSX, DAL, DB, EEM, EXXI, F, FL, GE, GM, GS, GT, HD, HOG, KO, LYB, MAC, MYL, NEE, PBR, PEP, PFE, RAD, SYY, TEVA, UA, UAL, UFS, XOM and ZIOP. Today, he bought DB calls, MAC calls and PBR calls.
Brian Kelly is long BTC=, U.S. dollar, GLD, EEM, CTRL calls, GSG, BBRY, SPY puts, TLT and 30-year bond futures. He is short yuan.
Dan Nathan is long BBRY June call spread, INTC April Put spread, IWM April put fly, JPM April 60/55 put spread, M May call spread, NKE call spread, QQQ May 108/ 98 put spread, SHAK, T, TWTR, WMT June call spread, XHB April 35/32 put spread and XLP May put spread.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.