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Top traders take profits after last week's rally

Ali Ihsan Ozturk | Anadolu Agency | Getty Images

CNBC "Halftime Report " traders Jim Lebenthal and Joe Terranova rushed to take profits Tuesday after last week's S&P 500 rally wiped out nearly all of the benchmark's Brexit-induced pullback.

Lebenthal's portfolio is now up 15 percent year to date, which leads the trading competition. He sold Qualcomm.

Terranova's portfolio is up 10 percent and is in third place. The trader sold Range Resources and Halliburton. He added to his Virtu Financial position.

Here's why the traders made the moves.