×

Traders buying stocks that got thrown out with the Brexit bathwater

The "Fast Money" traders spotted opportunities in some stocks after the markets sold off following last week's U.K. vote to leave the European Union. They said that there were some companies that were down several percent, despite the fact that the referendum was unlikely to have a material impact on their businesses in the long term.

Trader Pete Najarian explained he was "looking for specific names" that he thought were getting sold off for the wrong reasons. He said he ended up buying Cisco and TJX.

Trader Karen Finerman said that she used a similar strategy and saw that Facebook was being pressured and followed the trend of the market, which she said was "ridiculous."

Trader Tim Seymour said that there was a "great opportunity for relative value" in the energy sector, especially in names like Valero Energy. He said that the refiners have performed well while the rest of the sector got hammered.

Trader Dan Nathan said he took a bullish position on Target on Tuesday. He said, it's a stock that "trades much cheaper to the market and to its peer, Wal-Mart." Nathan added that not only is it a dividend yielding stock, but it's also a defensive play since 100 percent of its sales come from the U.S.

Disclosures:

Pete Najarian

Pete Najarian is long: AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, LUX, MRK, PEP, PFE, SAVE, VIAB, ZIOP. He is long calls: AAL, AKS, AMJ, CHK, CSX, DAL, EGO, EWZ, GDX, GLW, GSAT, HBAN, HSY, KGC, LLY, M, MDLZ, MPC, MT, MU, NKE, NLNK, P, SBUX, SLV, SVU, TJX, TMUS, WLL. He is long puts: BID, GM, NAV

Tim Seymour

Tim Seymour is long APC, AVP, BAC, BBRY, CLF, DAL, DO, EDC, EWZ, F, FCX, FXI, GM, GOOGL, GRMN, GE, INTC, LQD, M, MCD, MPEL, NKE, RACE, RAI, RH, RL, SINA, T, TWTR, UA, VALE, VZ, XOM. short: SPY, WYNN, XRT. Tim's firm is long ABX, BABA, BIDU, CLF, EWZ, F, HD, KO, MCD, MPEL, NKE, PEP, PF, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, YHOO, short HYG, IWM

Karen Finerman

Karen is long BAC, C, DRII, DRII calls, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, KORS, KORS puts, WIFI long call spreads, M, MA, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, C, C calls, DRII, DRII calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, PLCE, SPY puts, URI, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.

Dan Nathan

Dan Nathan is Long JD Aug call spread, Long PFE, Long TWTR, BABA Aug put spread, IWM long Sept put, XLF long Aug put spread, XLK long Sept Put spread, FXI long Aug put spread, SMH long Aug put spread, long PYPL call calendar, long C Aug put spread, VZ July August put spread, XOP Sept put spread, TGT long July Aug call calendar, TSLA long July Aug put calendar