But the drop could also have been caused by famed investor Warren Buffett liquidating his 41 million-share stake in the company, Guy Adami, managing director of stockmonster.com, said on CNBC's "Fast Money" TV show.
Adami agreed, saying he is a buyer of Tesoro Corp. (TSO) , which seems likely to go to $100 as oil prices seem likely to make new lows.
Short-term, isolated incidences such as the fire at Exxon tend to create attractive buying opportunities, according to Karen Finerman, president of Metropolitan Capital Advisors. Pete Najarian, co-founder of optionmonster.com and trademonster.com, agreed and the two traders think Exxon Mobil is a good buy below $90 per share.
Exxon has its analyst day on March 4, when it will issue its capital expenditures budget for the year. This could weigh on the stock if the budget is lower than analysts expect, and that could create a buying opportunity, Najarian added.
Below $90 is good, but the stock is a better buy at $85, according to Dan Nathan, co-founder and editor of riskreversal.com. He also likes Baker Hughes (BHI) on a pullback.
Nathan said that, strange as it seems, solar stocks are correlated to crude prices. Najarian agreed, advising investors to avoid solar stocks until oil settles down and is able to rally. Stick to energy stocks, which have lower short interests and more liquidity.
SunEdison (SUNE) and SolarCity (SCTY) fell in after-hours trading following earnings results. Pavel Molchanov, senior vice president at Raymond James, was impressed SolarCity's report, saying its residential business continues to be very strong. He expects guidance to be raised later in the year. He has outperform rating on the stock with a $75 price target.
SunEdison missed slightly on revenue expectations, said Finerman, who is long the stock. The company doesn't cater to the residential market like SolarCity, but has a growing pipeline nonetheless.
The conversation turned to the Nasdaq, which is less than 100 points from 5,000, a level that it briefly exceeded during the height of the tech bubble in 2000.
According to Ned Reilly, CEO of Reilly Asset Management, the same type of "economic exuberance" is not present in today's market. Interest rates and inflation are still too low and the valuations of today's stocks are much lower than they were in 2000. His one concern is in the new issue market because initial public offerings have been trading with far greater valuations than expected, as investors long for growth.
Dan Ives, managing director at FBR Capital Markets, added that investors should continue to focus on the growing trends within the tech sector. Big data is a "once in a decade opportunity," he said, forecasting that the market could double in the next three years. To take advantage, he likes Splunk (SPLK - Get Report) on the long side.
Ives also likes cyber security and believes FireEye (FEYE - Get Report) and Palo Alto Networks (PANW - Get Report) are the top two picks in the space. If he had to chose between the two, he takes Palo Alto Networks.
For their final trades, Najarian is buying United Airlines (UAL - Get Report) and Adami is a buyer of Garmin (GRMN - Get Report) . Finerman said to buy Whole Foods Market (WFM) and Nathan is selling the Financial Select Sector SPDR ETF (XLF - Get Report) , reasoning that it will drop to $23.
-- Written by Bret Kenwell