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Trading TV: How to play CBS, Disney earnings

Though CBS topped earnings estimates Tuesday, sales trends create a dimmer outlook for the media giant, one "Fast Money" trader said.

CBS' net income of 88 cents per share beat analysts' expectations, but revenue disappointed as advertising sales fell 4 percent.

"I think the revenue miss weighs heavier than the earnings beat. I wouldn't jump in right here," said trader Karen Finerman.

CBS shares rose about 2 percent in extended trading after the results. The stock "has been an underperformer" since last year and looks cheap compared to some peers, added trader Guy Adami.

One of those competitors...