He said he thinks Disney could still fall lower than about $99.50, where it closed Tuesday. But he said it still has long-term upside.
Read MoreWhy it might not be time to drop Disney shares
Trader Steve Grasso who owns the stock noted Disney looks oversold at its current levels.
Video streaming service Netflix plunged 8 percent on Tuesday. Despite the drop, it remains one of the best S&P 500 performers this year, up more than 116 percent.
Read MoreHulu to become Epix's streaming partner after Netflix opts out
But trader Brian Kelly said he would stay away from the stock at a still elevated valuation.
U.S.-listed shares of Chinese Internet company Baidu lost 2.5 percent on the day. The stock has taken a dive of 37 percent this year.
But trader Tim Seymour contended he would "load the boat" at current prices, around $143.50 per share. He said it remains a strong long-term play on the Chinese consumer.
Tim Seymour is long AAPL, T, BAC, DIS, F, GE, GM, GOOGL, INTC, JPM, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Brian Kelly is long BBRY, TWTR calls, Bitcoin, U.S. Dollar; he is short British Pound, Euro, Ruble, Yen, Yuan, US Treasuries.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Steve is long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, T, TWTR, GDX, firm is long BP, COP, CVX, FCX, OXY, RIG, AMZN His kids own EFA, EFG, EWJ, IJR, SPY.