Power Play: Contrarian plays in stock market

Trader on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Trader on the floor of the New York Stock Exchange.

Two top strategists making some contrarian bets, with one focusing on airlines and another putting his money in utilities.

Airline stocks surged in 2014 as oil prices plummeted, but are down this year due to the rebound in crude.

Rob Lutts, President and Chief Investment Officer at Cabot Wealth Management, tells CNBC's "Power Lunch" on Thursday he likes all airlines.

"Energy decline is a huge driver of earnings. Expect a large markup in expectations," Lutts said.

His top picks include Spirit Airlines, American Airlines and Delta Air Lines.

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Another top performer last year, Utilities, reversed course in 2015 as investors anticipate higher interest rates.

"Utilities may be oversold. The yield is starting to look interesting on some of those names. A lot of the froth has been washed out of there," said Craig Columbus, CEO of First Allied Asset Management.

Spirit Airlines, American Airlines and Delta Air Lines are all higher during trading, while utilities are lower.