Trader Dan Nathan agreed that he would not buy Yum on the Meister move. He would wait for a period of weakness and buy it at a lower price.
Shares of McDonald's also rose Thursday, briefly touching an all-time high on a report that it could make a move with its huge real estate holdings. The stock has surged recently amid an ongoing restructuring and positive reception to all-day breakfast service.
Read MoreCould McDonald's sell its real estate?
Trader Guy Adami noted investors should stay in McDonald's leading up to its earnings later this month. Kelly agreed, saying positive developments are adding up for the fast-food giant.
Dan is long AMAT Jan call spread, PYPL Oct call calendar, BA Oct put spread, INTC Dec put spread, QQQ Oct put spread, UAL Oct/Nov put spread, XLF Dec put spread, TWTR
Brian Kelly is long BBRY, GLD, Bitcoin, Silver, US Dollar; he is short Yuan, British Pound, Crude Oil, Euro, Yen, EEM, EWC, EWU, EWG, SPY
Karen is long BAC, C, FINL, FL, GOOG, GOOGL, JPM, KORS, KORS call spreads, M, URI, she is short SPY, Her firm is long ANTM, AAPL, BAC, C, DIS, FINL, FL, GOOG, GOOGL, GPS, JPM, KORS, KORS call spreads, M, M calls, M call spreads, SUNE, SUNE call spreads, URI, URI long puts, her firm is short IWM, SPY, MDY, USO, Karen Finerman is on the board of GrafTech International.
Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.