Momentum stocks to buy on the selloff: Bob Peck

High-flying Internet stocks were among the hardest hit names in Tuesday's session, but according to SunTrust Robinson Humphrey Managing Director Bob Peck, the pullback is a golden opportunity to load up on a few select plays.

On CNBC's "Fast Money," Peck named Amazon as his first stock to buy at current levels.

According to Peck, Amazon's new Fire phone could be a sizable contributor to top line growth. Peck estimated that Amazon could sell up to 1 million phones, which, at $600 per unit, would be "about a 3 percent increase" to third-quarter revenues. Amazon dropped around 3 percent in Tuesday's session.

Peck's second pick was Facebook, which fell nearly 4 percent.

Peck, who has a "buy" rating and a $70 price target on the stock, said that Facebook is setting up to have a strong quarter.

"You're seeing growth north of 70 percent, incremental margins around 80 percent; the core continues to chug away," he said.

Lastly, Peck said that he'd be a buyer of Google, which sold off around 2 percent.

"I always look for franchises on pullbacks," he said, adding that Google remains "one of the best business models out there on the Internet."

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Peck also addressed a report out Tuesday claiming that YouTube's revenues were far below analyst estimates.

"It came from a blog source … they don't break the information out, so we may never truly know," he said.

Disclosures: Bob Peck does not hold a position in shares of Amazon, Twitter or Facebook. SunTrust makes a market in Facebook stock and has received compensation for financial services from Amazon.com; it has no relationship with or stake in Twitter.

—By CNBC's Michael Newberg