After AT&T's $1.6 billion dollar acquisition of Straight Path Communication, the "Fast Money" traders discuss how the telecom giant is making power moves in its sector and which market plays to make as other companies adjust.

Trader Brian Kelly said he likes Century Link because it's the next move for AT&T. Kelly said the company owns a lot of fiber which AT&T needs to support its growing infrastructure nationwide.

Trader Guy Adami said he likes AT&T because the company is well ahead of its competitors in terms of innovation.

Trader David Seaburg said he likes T-Mobile because the stock will get bought by Sprint or Comcast. He also said if Sprint misses out on the acquisition of T-mobile the stock will move lower.

Disclosures:

Brian Kelly is long Bitcoin, FXI, HLF, TSLA, WMT, XBI.

Karen Finerman is long AAL, BAC, BAC short calls, C, DAL, EEM, EPI, EWW, DVYE, FB, FL, GLMP, GOGO, GOOG, GOOGL, JPM, LYV, KORS, KORS calls, KORS puts, MA, SEDG, SPY puts, TACO, WIFI long call spreads. Her firm is long ANTM, BAC, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, PLCE, SPY puts, WIFI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.

"Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc.David Seaburg and Cowen have a financial interest in EDIT.
Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore"

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