Trading the consumer: 4 plays on retail names

A shopper in a Walmart store in Broomfield, Colorado.
Consumer trade: 4 plays on 3 stocks   

Investors who believe the U.S. economy will pop back to its feet in the second quarter and beyond should consider buying Wal-Mart stock, some CNBC "Fast Money" traders said.

"If you think there are green shoots in the U.S. economy and things are going to be better in the second half, this is a stock that you want to own here," said trader Dan Nathan.

Grim projections for first-quarter GDP growth have raised concerns about consumer-driven companies. Wal-Mart fell nearly 2 percent Wednesday on news that it was pressuring suppliers to keep prices down.

Read MoreAnother reason to cut Q1 growth

Shares in the massive retailer reached a technical level—below $81 per share—that gives them upside if sales start to pick up, Nathan said. A sustained cheap crude oil environment bodes well for the company as Wal-Mart customers will continue to benefit, trader Karen Finerman added.

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Finerman also liked shares in luxury retailer Michael Kors. The stock dropped 2.5 percent on Wednesday and has shed about a third of its value in the last year.

She believes projections for slowing growth have already been priced into the stock.

Read MoreGoogle crystal ball: Analyst warns on Kors

Trader Brian Kelly said that GoPro looked appealing in the consumer electronics sphere. The stock fell almost 6 percent Wednesday and sits 35 percent lower for the year.

Investors have shown concerns about competition for GoPro's wearable cameras, but Kelly believes CEO Nick Woodman has built a strong brand. The drop provides a buying opportunity, he said.


Dan Nathan

Dan Nathan is long BBRY June call spread, INTC put spread, IWM April put fly, JPM April 60/55 put spread, M April / May call calendar, QQQ May 108/ 98 put spread, SHAK, TWTR, XHB April 35/32 put spread and XLP May put spread. Today, he bought INTC put spread.

Brian Kelly

Brian Kelly is long BTC=, U.S. dollar, GLD, EEM, CTRL calls, GSG, BBRY, SPY puts, TLT, 30-year bond futures. He is short yuan. Today, he bought 30-year bond futures.

Karen Finerman

Karen Finerman is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short DIA. Her firm is long ANTM, AAPL, ANTM, BAC, C, CMLS, DIS, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, KORS, MU, XBI, SUNE, URI and WFM. Her firm is long calls URI. Her firm is short IWM, SPY, USO. Karen Finerman is on the board of GrafTech International.

Guy Adami

Guy Adami is long CELG, EXAS and INTC. Guy Adami's wife, Linda Snow, works at Merck.