Oil refiner Tesoro reports first-quarter results on Thursday. Despite the oil and gas industry's volatility, Tesoro has enjoyed "incredible performance," as shares have climbed nearly 20 percent this year, said trader Pete Najarian.
Najarian believes markets will "reward" Tesoro after its report tomorrow.
Airline shares get "pushed" by oil price movements, but the wider sector looks strong, said Najarian, who owns multiple airline stocks. He noted that the industry made money when U.S. crude oil traded at $100 per barrel, and should easily profit as it sits just above $60.
Tim Seymour liked American Airlines the best, calling it a "value play." The stock closed just above $47 per share Wednesday.
Tim Seymour is long T, BAC, DIS, F, GE, GM, GOOGL, INTC, SUNE and TBT. Tim's firm is long BABA, AAPL, MCD, NKE, NOK, SBUX and YHOO.
Long AMAT, AAPL, BABA, BAC, BBY, BMY, BP, CSX, DISCA, FOXA, GE, KKR, KO, LLY, LOCO, MBLY, MRK, PEP and PFE. He is long calls AA, AAL, AAPL, BK, BX, CBS, CELG, CIEN, CSX, DAL, DB, EEM, EJ, F, FL, GE, GS, HSBC, HZNP, IMAX, JBLU, JOY, KO, LEN, MAC, MYL, NEE, NTAP, NUAN, OC, PFE, SYY, TEVA, TSX, UAL, UUP, VZ, XLF, XOM and ZIOP.
Dan is long TWTR, WMT June call spread, BBRY June call spread, QQQ May 108/ 98 put spread, IWM May put fly, XLP May put spread, XLY May puts, LULU May puts and INTC May /July put spread. Today, he sold TSLA May put spread.
Karen is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M, MA and KORS. She is short DIA, Her firm is long AAPL, ANTM, BAC, C, DIS, FBT, FINL, FL, GLNG, GOOG, GOOGL, GPS, IBB, JPM, M, MYL, PLCE, KORS, SUNE, URI, WFM and XBI. Her firm is short IWM, MDY and SPY. Karen Finerman is on the board of GrafTech International. Karen's firm bought MYL today.