3 ways to trade Qualcomm earnings

The "Fast Money" traders discussed Qualcomm after the semiconductor and telecommunications equipment company reported earnings on Wednesday amid its battle over royalties with Apple and a multi-million dollar fine in South Korea.

Trader Guy Adami said he likes Qualcomm and that the stock is "way too cheap." Adami said the technology name has great upside and has a great balance sheet.

Qualcomm shares closed down 19 percent year to date on Wednesday.

Trader Steve Grasso said he likes NXP Semiconductors because there's less risk in the tech name compared to Qualcomm and its legal woes. Grasso also said he likes Micron Technology because of the company's position in the DRAM and NAND flash memory data business.

Trader Tim Seymour said, "if you look at 50 bucks on [Quallcomm's] stock, that to me is a level to play from."

Qualcomm shares closed at $53.75 on Wednesday and jumped 2 percent in extended trading after the company beat earnings expectations.

Disclosures:

Tim Seymour is long ABX, AAPL, APC, AVP, BAC, BBRY, C, CLF, CVX, DO, DVYE, EDC, EWN, EWZ, F, FB, FCX, FXI, GM, GOOGL, GE, INTC, LQD, MOS, MCD, MUR, OIH, PG, RACE, RAI, RH, RL, SINA, SQ,T, TWTR, VALE, VZ, XOM. short: EEM, SPY, XRT; Tim's firm is long ABX, BABA, BIDU, CBD, CLF, EEM, EWZ, F, KO, MCD, MPEL, NKE, PEP, PF, TCEHY, SAVE, SBUX, SINA, VALE, VIAB, WMT, WEN, X, YHOO, short EWG, HYG, IWM

Steve Grasso's firm is long stock AON, BX, CUBA, DIA, F, HES, ICE, KDUS, MAT, MFIN, MJNA, MSFT, NE, RIG, SNAP, SPY, SQBG, TITXF, UA, WDR, WPX, ZNGA. Grasso is long stock BABA, CHK, EEM, EVGN, GDX, KBH, MJNA, MON, OLN, PFE, PHM, T, TWTR, VRX. Grasso's children own EFA, EFG, EWJ, IJR, SPY. NO SHORTS.

Karen is long AAL, BAC, BAC short calls, C, DAL, EEM, EPI, EWW, DVYE, FB, FL, GLMP, GOGO, GOOG, GOOGL, GS calls, JPM, LYV, KORS, KORS calls, KORS puts, MA, SEDG, SPY puts, TACO, WFM. 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.

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