Media stocks jumped Tuesday, ahead of earnings reports from CBS (CBS) - Get Report  and Walt Disney (DIS) - Get Report , as the sector may be recovering from cord-cutting scares, noted CNBC's "Fast Money" panel.

Although media stocks advanced ahead of earnings, wellness device maker Fitbit (FIT) - Get Report fell flat after posting strong results. Does that concern the "Fast Money" panelists?

"Media stocks are on fire today," said Pete Najarian, co-founder of Optionmonster.com and Trademonster.com, as he pointed to Disney, Netflix (NFLX) - Get Report and CBS.

CBS, which announced plans to develop a new "Star Trek" series, rose as much as 2.5% in intraday trading to $49.08 ahead of its third-quarter results. In sizing up the media giant, Stephen Weiss, founder and managing partner of Short Hills Capital Partners, is intrigued by CBS.

Weiss said CBS is interesting because it doesn't have cable problems like other media companies that sell large program bundles, as consumers desire smaller and cheaper -- or "skinnier" -- bundles. He noted CBS may be the media company to be the "one to benefit from all of this" cord-cutting that consumers are doing.

Overall, media companies are expected to have a good quarter, agreed Joseph Terranova, senior managing director at Virtus Investment Partners.

"I do believe it will be the opposite of last year," Terranova said, citing problems last year with Disney and other media companies in managing the cord-cutting issues. Disney is scheduled to report its fourth quarter after the markets close on Thursday.

Fitbit, meanwhile, posted strong third-quarter results Monday, with its revenue soaring 168% to $409.3 million and its net income posting at 24 cents -- 10 cents higher than Wall Street's estimates. But its shares took a beating in intraday trading, falling as low as 7.9% to $37.59.

"When you look at the numbers that they put up, they were absolutely outstanding," said Najarian. "But meanwhile, they come out with a secondary [stock offering] and that's a huge hit [to the stock]. Then, they suddenly change the lockup and that part I just don't get. Unfortunately, for those of us who are long on the stock, it makes it very difficult."

The panel attributed the share price drop to Fitbit's surprise announcement that it would lift its lockup sooner than expected. When companies launch initial public offerings, typically insiders like employees and executives cannot sell their shares for four to six months after the IPO. Fitbit went public in late June. Not only will the market need to absorb these lockup shares, but Fitbit also announced plans for a secondary stock offering of 7 million shares.

With Fitbit's drop, Weiss was more circumspect.

"If you like the story [of Fitbit's product strategy], it'll be a great buying opportunity," he said.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.