Despite agreeing that Alibaba looks strong long-term, trader Steve Grasso noted that it may not work out of its slump any time soon.
"I think, short term, it's a sell," Grasso said.
Shares of video streaming company Netflix jumped nearly 4 percent Wednesday. With that gain, the company's stock has soared about 96 percent this year.
The stock's value is "stratospheric," Seymour said. Grasso contended that investors should take profits on the stock where it closed Wednesday, above $670 per share.
Shares of cloud storage company Box jumped as much as 10 percent in extended trading after it reported a smaller than expected quarterly loss and beat analysts' revenue projections. Still, the "the bar was set very low" for the money-losing company, Seymour contended.
Read MoreBox shares spike 7% on strong results
He said that investors should sell the move higher.
Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, LGF and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX and YHOO.
Steve Grasso is long AAPL, BAC, DD, DECK, EVGN, MJNA, PFE, T, TWTR and GDX. His firm is long CAT, WYNN, AMZN, NE, NEM, OXY, RIG, TSE and VALE. His kids own EFG, EFA, EWJ, IJR and SPY.
Brian Kelly is long DXGE, BTC=, BBRY, U.S. dollar and Oil. He is short Australian dollar, Canadian dollar, yen, yuan,U.S. 30-year bonds and DAX.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.