NEW YORK (TheStreet) -- Bank of America (BAC) announced after the Thursday market close it will take a $400 million legal charge. These types of announcements tend to create buying opportunities the next day, Tim Seymour, managing partner of Triogem Asset Management, said on CNBC's "Fast Money."
This isn't devastating news for BAC, Seymour said, but investors should be cautious with the stock moving into previous resistance. His top pick is Citigroup (C) . Pete Najarian, co-founder of optionmonster.com and trademonster.com, also likes Citigroup but said shares of Bank of America are a buy on this pullback and could approach $20 by the end of the year.
"Bank of America is a great buying opportunity if it declines on Friday," said Karen Finerman, president of Metropolitan Capital Advisors.
If investors are looking for banks with only U.S. exposure but aren't plagued with litigation issues, they should buy Wells Fargo (WFC) and U.S. Bancorp. (USB) , according Guy Adami, managing director of stockmonster.com.
Qualcomm (QCOM) slid 9% after dropping three "grenades" on investors, according to Chris Rolland, an analyst at FBR Capital Markets. He has an outperform rating on the stock and an $83 price target.
Management's discussion of the separate investigations from the Federal Trade Commission, European Union and Chinese government were the three "grenades," Despite all this, the stock is a buy below $70 because the company is a "wonderful franchise" that should outperform in the future, the analyst said.
"I definitely agree," Seymour said. The company may need a few quarters to turn around its operations but Qualcomm is a "very, very good company," the bad news is priced in and the stock is near support.
If investors want exposure to the chip sector but don't want to own Qualcomm, they should buy NXP Semiconductors (NXPI) , Finerman said.
Shares of El Pollo Loco (LOCO) are slightly lower after reporting in-line earnings per share for the third quarter and beating on revenue expectations. The company will be able to grow its store count and has solid margins, Najarian said. However, he considers Chipotle Mexican Grill (CMG) as a better long position.
Disney (DIS) is also lower after reporting earnings. The company's in-line revenue and slight EPS beat were good, Finerman said, but with this high of a valuation the company needs to knock it out of the park in order for shares to trade higher.
The stock tends to sell off after earnings, only to trade higher over the next few weeks. Don't be surprised to see Disney above $95 per share relatively soon, Adami said.
After beating on earnings and revenue, shares of Lions Gate Entertainment (LGF) are up 4% in after-hours trade. "The stock has too high of a valuation for me," Finerman said, but it'll likely continue to rally until the next Hunger Games movie is released.
Business is slowing in Europe but accelerating in the U.S. for Infosys Limited (INFY) , according to founder Narayana Murthy. Business is going strong in India now that the country has a pro-business government, he said. While the U.S. is strong, more American companies should look to do business in India. The country has a lot of opportunity for growth, he reasoned.
"I still like the WisdomTree India Earnings ETF (EPI) ," Najarian said, but it needs to pull back before it becomes a buying opportunity.
Indian equities aren't that cheap, Seymour reasoned, but Infosys has a reasonable valuation and is one of the "great companies" in emerging markets.
For their final trades, Seymour is taking profits in Disney and Finerman is selling upside call spreads to hedge her long position in Disney. Najarian is buying Foot Locker (FL) and Adami said to buy Qualcomm.
-- Written by Bret Kenwell