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Are Airlines Dead?

Mayday! Mayday! Airlines might be dead? Those were the last words heard in the control tower before the unknown voice vanished, much like the airline he worked for.

Days later officials reveals that the cause of death was skyrocketing fuel prices and high labor costs.

Ever since the Wright brothers first flight in 1903 investors in this industry have found themselves, well lost. Eastern Airlines, Pam Am and TWA are just a few of the defunct carriers. The list is as long as your wait time on the tarmac.

Earlier this year, investors bid up shares of Delta and Northwest on merger hopes. But once again they got burned. The final nail in the coffin may have been $104 oil today.

So is it time to put your tray in the upright position and bet that airlines are about to take a trip south.

Hardly, according to the traders. The airlines might not be a buy, but there are certainly sector related trades. Here’s a few.

Boeing : I think there’s an upgrade cycle coming, says Guy Adami, and this stock should benefit.

Precision Castparts :This could be an undervalued company, according to Adami. Goldman put a $158 price target on it.

Rockwell Collins:I think this company has one of the best CEO’s on the planet, Adami says. On that alone, I think it’s a buy.

Kaiser Aluminum :The demand for aluminum will likely increase for years to come, explains Karen Finerman.

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Trader disclosure: On Mar. 5, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (YHOO), (INTC); Najarian Owns (AAPL), (BIIB), (C), (CSCO), (MS), (MSFT), (XLF); Najarian Owns (YHOO) And (YHOO) Calls; Najarian Owns (COP), Calls(AKAM) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (KALU); Finerman's Firm Owns (AAPL), (BJS), (MSFT), (SKS), (TSO), (WMT); Finerman's Firm And Finerman Own (CROX); Finerman's Firm Owns (YHOO) And (YHOO) Call Spreads; Finerman's Firm Is Short (GLD), (IYR), (MDY), (SPY), (IWM), (IJR); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts

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