NEW YORK (TheStreet) -- The S&P 500 was flat on Friday but semiconductor stocks weighed on the Nasdaq, which declined 0.65%. Leading the group lower was Micron (MU), which plunged 18% after its worse-than-expected earnings results.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said investors can buy the stock and use a stop-loss of $19. Investors should continue to avoid Qualcomm (QCOM).
For whatever reason, Qualcomm continues to trade poorly despite its large buyback plan, added Tim Seymour, managing partner of Triogem Asset Management. He still likes Intel (INTC), as the company diversifies away from the PC market with its acquisition of Altera (ALTR).
Steve Grasso, director of institutional sales at Stuart Frankel, finds chip stocks too risky. Instead, he likes housing companies like PulteGroup (PHM) and KB Home (KBH), as well as Bank of America (BAC).
Brian Kelly, founder of Brian Kelly Capital, also took a pass on buying chip stocks. Instead, he was "positively surprised" at how well Microsoft (MSFT) has been trading and recommended the stock on the long side.
Micron wasn't the only loser on the day. The Shanghai Composite declined more than 7%, putting the index down by 12% for the week. Analysts at Morgan Stanley said not to buy the dip.
Seymour and Kelly were more interested in individual Chinese stocks. While the broader Chinese stock market is still relatively cheap, Seymour said investors can buy companies like China Mobile Limited (CHL), Alibaba (BABA) and Baidu (BIDU). Kelly said to take a look at Trina Solar (TSL) on the long side.
The conversation turned to eBay (EBAY), as Colin Gillis explained why he downgraded the stock to hold from buy. Despite the downgrade, Gillis, the senior technology analyst at BGC Financial, maintained his price target of $65. It seems likely that once eBay completes its spinoff of PayPal in July, investors will sell shares of the former and buy the latter.
Gillis is optimistic on eBay but less bullish on PayPal for 2016.
A $65 price target is roughly 8% higher than the current stock price, Adami pointed out. The stock seems likely rally to that point, he added.