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How to trade tech on Apple's crummy day

Apple shares touched a five-month low on Thursday after UBS released a note indicating that a slowdown in China could be a significant risk for the tech giant.

China, which recently announced a slew of measures to stimulate its capital markets, provided more than 50 percent of Apple's recent sales growth, according to UBS.

"Fast Money" trader Karen Finerman called Apple's stock "a no man's land" at its current level of $120 per share, citing worries related to the company's dependence on China.

Read MoreThis is why Apple stock was down over 2% Thursday

Guy Adami said the stock drop was most likely temporary.

"You're a couple of Carl Icahn tweets away from this thing being right back to $125," Adami said. "If you've been looking for an entry point this is it."

It was a rough day for Twitter, too. The social media firm fell 1.2 percent to $34.36 a share, but Finerman said now may be the perfect time to jump in.

"Without a CEO in place, this is the time, if you are interested in the franchise, to buy it now," she said. Adami, on the other hand, said Twitter is too valuable of a property. Still, he noted that there are positive catalysts on the horizon.

Looking at another tech play, traders noted that Netflix shares popped more than 2 percent after Nomura raised its target on the stock in expectation that the video-streaming service will bring in higher margins thanks to licensing agreements.

Despite the upgrade, trader Brian Kelly recommends investors take profits and sell Netflix, citing increased competition and Icahn's recent exit from the stock. "You don't have to necessarily short it, but this stock has just absolutely ripped, why not take some off the table," Kelly said.

Disclosures:

Karen Finerman

Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, URI, BABA puts, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GILD, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, SUNE, URI, XBI, KORS call spreads, URI calls, KORS puts, SPY put spreads, her firm is short IWM, SPY, MDY, Karen Finerman is on the board of GrafTech International.

Guy Adami

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

Jon Najarian

Long AEP, GE, HOG, PG, XLE he is long calls ARG, BAX, CAH, CMCSA, CTXS, CVC, DD, EXPR, GE, GLD, HZNP, JPM, KATE, NUAN, ORCL, PG, PRU, SO, T, TXT, WMT, he is long puts SODA, VALE. Today he bought JPM calls, KATE calls, PRU calls, T calls, and TXT calls.

Brian Kelly

Brian Kelly is long BBRY, BTC=; TAN, TLT, TSL, Euro; Yuan, and Yen. Today he sold U.S. 30-year bonds