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How traders are playing GoPro's dismal results and other reports

The "Fast Money" traders weighed in on how they would invest based on the quarterly results of companies that reported on Thursday.

CBS handily beat estimates, while GoPro missed by a large margin.

CBS looks attractive on a relative value basis, compared to other big media companies in its sector, trader Tim Seymour said.

Trader Guy Adami agreed and said it has more room to rise. He pointed out that the stock has rallied more than 17 percent so far this year and argued it could go further.

Trader Steve Grasso said that investors should not buy GoPro after it reported quarterly results that came in well below analyst estimates. He said the problem for the company is that it is still a hardware company and was never able to successfully transition to a social platform.

Between GoPro and Fitbit, which shed a third of its value on Thursday, trader Guy Adami said he would prefer Fitbit. While both companies had huge quarterly misses, Adami argued that Fitbit shares may have neared a bottom. He said, however, that may not be the case for GoPro and that there may be more downside to come.


Disclosures:

TIM SEYMOUR

Tim Seymour is long ABX, APC, AVP, BAC, BBRY, CLF, CVX, DO, DVYE, EDC, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD,MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, T, TWTR, VALE, VZ, XOM, short: SPY, XRT. His firm is long ABX, BABA, BIDU, CBD, CLF, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM

KAREN FINERMAN

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

STEVE GRASSO

Steve Grasso is long BA, CC, CHK, EVGN, KBH, MJNA, MON, MU, OLN, PFE, PHM, T, TWTR, GDX. His children own: EFA, EFG, EWJ, IJR, SPY. No shorts. His firm is long: WPX, AGN, VIRT, DVN, LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, SPY, QQQ, DIA, XLI, BGCP, VIRT, GE, AIR FP

GUY ADAMI

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