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4 tech trades on Nasdaq's chip drubbing

'Chip-wrecked': 4 plays in tech

Micron's drubbing in Friday trading leaves it at an appealing price for an upside trade, said CNBC "Fast Money" trader Guy Adami.

"I think it's pretty interesting just for a trade," he said.

The chipmaker closed Friday 18 percent lower, a day after posting disappointing earnings for the most recent quarter and giving a worse-than-expected outlook for the current one. The brutal move took Micron to a loss of more than 43 percent this year; it closed below $20 per share.

The Nasdaq in Times Square, New York.
Getty Images

The company weighed on the Nasdaq on Friday, and traders questioned whether sluggishness in the index would continue.

"Tech is going to be challenged, especially when you look at tech growth companies," said trader Steve Grasso.

Read MoreWhy stocks are in store for a correction: Paulsen

Trader Brian Kelly looked to Microsoft in that environment. The stock fell nearly 1 percent Friday, but it held above $45 per share, what Kelly called a "big level."

"I think you've got more juice in Microsoft," he said.

Struggling chipmaker Qualcomm may also have some upside moving forward, said trader Tim Seymour. He contended that the company's struggles with the Chinese market could soon abate, and its buyback program added to the appeal for him.

Read MoreWall Street strategists bullish on second half

The stock closed down 0.9 percent Friday, below $65 per share.


Steve Grasso

Steve Grasso is long AAPL, BAC, DD, DECK, EVGN, FIT, KBH, MJNA, PFE, PHM, T, TWTR and GDX. His firm is long TWTR, AMD, AMZN, IBM his kids own EFG, EFA, EWJ, IJR, SPY.


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


Brian Kelly is long BBRY, BTC=; TAN, TSL, he is short Yuan.


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