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'Fast Money' Recap: Media Stocks Ignite; Fitbit Falls Flat

Media stocks jumped Tuesday, ahead of earnings reports from CBS (CBS - Get Report) and Walt Disney (DIS - Get Report) , as the sector may be recovering from cord-cutting scares, noted CNBC's "Fast Money" panel.

Although media stocks advanced ahead of earnings, wellness device maker Fitbit (FIT) fell flat after posting strong results. Does that concern the "Fast Money" panelists?

"Media stocks are on fire today," said Pete Najarian, co-founder of and, as he pointed to Disney, Netflix (NFLX - Get Report) and CBS.

CBS, which announced plans to develop a new "Star Trek" series, rose as much as 2.5% in intraday trading to $49.08 ahead of its third-quarter results. In sizing up the media giant, Stephen Weiss, founder and managing partner of Short Hills Capital Partners, is intrigued by CBS.

Weiss said CBS is interesting because it doesn't have...