The stock fell more than 6 percent after Apple posted earnings of $1.85 per share, topping analysts' projections by the smallest percentage in two years. The tech giant beat expectations for iPhone shipments and downplayed hazards in the crucial China market, where stock trends have worried investors.
"A little negative sentiment can help the stock here," said trader Dan Nathan, who added that he doubts the stock would fall below $110 per share, about $12 lower than where it fell in the after-hours session Tuesday.
Trader Karen Finerman called the results a "mild disappointment" but felt the stock was hit too hard.
"I don't think this should be happening here," said Finerman, who noted that Apple looks appealing at $115 per share.
Trader Guy Adami added that the stock should hold above $119 per share.
Microsoft beat Wall Street's earnings and revenue projections, but shares fell as the company posted a $3.2 billion net loss after including more than $8 billion in write-downs. Revenue in the tech giant's key cloud computing segment rose 88 percent year-over-year.
Adami contended that Microsoft would "get a pass" on the results. He noted he would buy the stock at around $45 per share, where it fell in the after-hours session.
Yahoo shares slid on Tuesday after a mixed earnings report. The company cut its revenue guidance for the year to a range of $1 billion to $1.04 billion from a previously stated $1.07 billion.
Trader Tim Seymour—who owns the stock—sees an opportunity for it to move higher, especially ahead of the planned spinoff of its Alibaba stake.
"The sum of the parts makes this thing very cheap," Seymour said.
Wearable camera maker GoPro beat top and bottom line estimates on Tuesday and shares rose more than 1 percent in extended trading. Adami believes the stock has more room to run.
Tim Seymour is long AAPL, T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, JPM and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX and YHOO.
Dan is long TJX Aug put, CMG July put spread, TWTR, TWTR Sept call spread, SO, LVS July Aug put spread, PG Aug put and COST Aug put spread. He is short SO Aug call. Today he sold to close CMG July put fly.
Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, M, URI, BABA puts and URI calls. She is short SPY. Her firm is long ANTM, AAPL, BAC, C, DIS, FBT, FINL, FL, GILD, GOOG, GOOGL, GPS, IBB, JPM, KORS, M, MYL, SUNE, URI, XBI, KORS call spreads, URI calls, KORS puts and SPY put spreads. Her firm is short IWM, SPY and MDY. Karen Finerman is on the board of GrafTech International.