Trading media stocks after 21st Century Fox falls post-earnings

The "Fast Money" traders said that there are better stocks in the media sector than 21st Century Fox, which posted a mixed quarterly report on Wednesday.

The company said it saw fiscal fourth-quarter adjusted earnings of 45 cents a share on $6.65 billion in revenue. Wall Street expected Fox to post earnings of 37 cents on revenues of $6.68 billion, according to a Thomson Reuters consensus estimate.

Trader Guy Adami said that he prefers Viacom, which reports earnings Thursday morning.

"On valuation, it still trades at a percentage of the rest of the space. So on valuation alone, I think you get long Viacom," Adami said. He cautioned investors, however, "to see what happens."

"If Viacom doesn't sell off on the back of this Fox [news], maybe it all sort of goes well for the quarter tomorrow morning," he said.

Trader Dan Nathan said he is looking forward to Disney's earnings next week. The stock, which closed at $96.09 on Wednesday, is trading "relatively cheap compared to its history," he said. Shares of Disney hit an all-time intraday high of $122.08 last August.

Disclosures:

PETE NAJARIAN

Long stock AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI.A, KMI, KO, LUX, MRK, PEP, PFE, VIAB, long calls AAL, ABT, AKS, ANF, BSX, BZH, CHK, CIT, CNX, COP, DAL, DISH, DVN, FB, GILD, GPS, HALO, HOG, INTC, KGC, LLY, MCD, MPEL, MRO, MT, NEM, NGD, P, PG, PSX, SCHW, SLV, SLW, TMUS, TWTR, VLO, XLE, YELP and puts CS, EEM, MBLY, NLY

STEVE GRASSO

Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX. Grasso's kids own EFA, EFG, EWJ, IJR, SPY. No Shorts. Stuart Frankel & Co Inc. and some of its Partners have a financial interest in LYB, MU, AAPL, LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI

DAN NATHAN

Dan Nathan is long JD Aug call spread, long TWTR, 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, XOP Sept put spread, TGT long Aug calls, TSLA long Aug put, BAC long Sept put, Long FEZ Nov put spread.

GUY ADAMI

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