Trading travel: 4 plays on transportation names

An American Airlines plane at the Dallas/Fort Worth International Airport
Trading travel: 4 plays in planes, oil, and automobiles   

Tesla Motors is worth a look if the often volatile stock slips in the coming weeks, CNBC "Fast Money" trader Dan Nathan said Wednesday.

The electric car maker reported a quarterly loss and revenue that beat Wall Street's expectations on Wednesday. Tesla met its vehicle delivery target for the quarter and touted strong demand for its upcoming Model X car and PowerWall home and business batteries.

Read MoreTesla shares climb as results beat Street

Shares rose 2 percent in extended trading, and Nathan said "a lot of good news" is priced into the stock above $230 per share.

If Tesla falls below $220 per share, it provides an opportunity to jump in, Nathan contended.

Tesla Model S
Tesla Motors

Tesoro

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.

Airlines

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.

Disclosures:

Tim Seymour

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.

Pete Najarian

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 Nathan

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 Finerman

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.