Adami said many of the network stocks -- such as Comcast (CMCSA), Twenty-First Century Fox (FOXA), Disney and CBS Corp. (CBS) -- are not overvalued and can continue to rally. 

Refinery stocks got hit hard on Wednesday. Adami told investors not to get long just yet. 

Brian Goldner, president and CEO of Hasbro (HAS), was a guest on the show. The company recently refreshed its Transformers merchandise lineup ahead of the movie release. The first three films combined for roughly $3 billion in box office sales, he said, while merchandise sales for Hasbro were near $1.6 billion for its Transformers line. He is hoping this year will be strong as well. The company is also working with 3D Systems (DDD) to make toys, and ones that are more customizable for its customer.

Adami said that with Hasbro's (HAS) low valuation of short-interest of 10%, the stock can continue to "grind higher."

Kelly said that if the Transformer movie has a good weekend at the box office, it could be the needed catalyst to push shares of HAS through $56. 

Charlie Anderson, an analyst at Dougherty & Company, has a buy rating on shares of GoPro (GPRO) with a $28 price target. $26.50 of that price is represented by the company's consumer products division, while only $1.50 of his price target is based on the company's media potential. As the cameras' filming definition improves, GoPro should consider its own media network or site, he reasoned. He is also a buyer of Ambarella (AMBA), which derives most of its revenue from security cameras, he concluded.

3D Systems fell 4% and was the first stock on the show's "Pops & Drops" segment. Nathan said the stock appears to be in "technical breakout." He suggested that traders who got long near $50 start reducing some of their positions. 

Allergan (AGN) climbed 2%. Finerman said the stock appears destined to be bought out, the only question is at what price.

Intercept Pharmaceuticals (ICPT) dropped 7%. Adami said not to buy the stock at current levels. 

Zulily (ZU) popped 9%. Kelly said the stock appears to have momentum and he suggested investors stay long. 

Nike (NKE) was the featured stock on the show's "Street Fight" segment. Adami was the bull, arguing that Brazil will become Nike's third-largest country in terms of revenue. However, it's not just because of this year's World Cup but also because of the 2016 Summer Olympics, which takes place in Rio de Janeiro. He added Nike's comp-sales in Western Europe are "off the charts" good, the company's inroads in emerging markets will continue paying off and Nike's contract with the National Football League will continue to be a large driver for revenue. 

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