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Blue chips to buy on Dow's drubbing

After the Dow Jones industrial average plummeted 530 points Friday, CNBC "Fast Money" traders looked for value.

The Dow closed in correction territory, down more than 10 percent from its all-time intraday high in May. The blue-chip index endured its worst week since September 2011.

China's first Disney flagship store in Shanghai last May.
Getty Images
China's first Disney flagship store in Shanghai last May.

Walt Disney shares showed promising signs Friday, despite the fact that they've shed nearly 20 percent since the beginning of the month, said trader Steve Grasso. He noted that Disney fell about 1 percent Friday, compared to a more than 3 percent drop for the broader Dow.

"While the market was selling off, it did not sell off with the overall market," he said.

Read MoreDow hits correction for first time since 2011

Johnson and Johnson closed down 2.5 percent Friday, at $95.96 per share, about 50 cents higher than its 52-week low. The stock looks appealing as it now holds "limited risk" to the downside using $95 as a stop, trader Brian Kelly contended.

Trader Guy Adami pointed to UnitedHealth, which lost nearly 3 percent on the day. He noted that it holds upside in a health-care space that has grown increasingly consolidated.

Disclosures:

Brian Kelly

Brian Kelly is long BBRY, BTC=; DAX, DXGE, ITB, TAN, TSL, TWTR call spread, U.S. Dollar; he is short AUDJPY, GBPJPY, Euro, Ruble, Yen, Yuan. Today he bought DAX, DXGE, US Dollar. Today he sold VIX and Euro. Today he closed his CAC40 short position. Today he shorted Euro and Yen.

Guy Adami

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

Steve Grasso

Grasso is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX. His kids are long EFA, EFG, EWJ, IJR, SPY. His firm and some of its partners are long WLL, DNR, DVN, TWTR, NE, NEM, OXY, RIG, TSE, VALE