Sports retailer Foot Locker benefits from Nike and Under Armour's strength, Najarian said. At a Friday close of around $60 per share, versus Nike's $97 per share, Foot Locker looks more appealing, he said.
"From a valuation perspective, I would actually go back toward Foot Locker," Najarian said.
The comparison is "apples and oranges," Seymour said. He already has a long stake in Nike, but said "I certainly wouldn't be short Foot Locker."
Trader Dan Nathan would hesitate to buy Nike because of its exposure to a strong dollar. However, he would look to pick it up if it slid in the near future.
Traders took a bearish tone on Tesla Motors.
"If you think this market today was scary, you get out of Tesla," Seymour said.
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Twitter makes a stronger play as it "has a much better chance of making money," Kelly said. Nathan noted that he has a long stake in Twitter only because he believes Google may buy it down the road.
Tim Seymour is long T, BAC, C, DIS, F, GE, GM, GOOGL, INTC, FXI and SUNE. Tim's firm is long BABA, BIDU, MCD, NKE, NOK and SBUX.
Dan Nathan is long BBRY June call spread, CTRP March puts, KO March put spread, M March 65/67.50 call spread, MU March 31/26 put spread, QQQ May put spread, SHAK, TWTR, XHB March put spread, XLF March put spread and XRT March 90/85 put spread. Today, he bought XHB March put spread.
Brian Kelly is long BTC=, U.S. dollar, GLD, CTRL calls, HYG puts, BBRY, BBRY call spreads, TLT, he is short copper, EWA, EWG, EWQ, EWZ, EWW, JJC, Australian dollar, British pound, Canadian dollar, euro, yen and yuan.
Pete Najarian is long AAPL, AMAT, BABA, BAC, BMY, BP, CSX, DISC, GE, JPM, KKR, KO, LLY, LOCO, MRK, PEP and PFE. He is long calls AAL, APPL, BAC, CAM, COP, DAL, EXXI, FB, FCAU, GE, GM, GRPN, GS, GT, HPQ, IAG, ISIL, JNJ, JPM, KNDI, LYB, LULU, MCD, NEE, RF, SPY, SYY, UAL, UFS, WFC, WMB, XOM and ZIOP. He is long puts BHP. Today, he bought BAC calls, FB calls and LYB calls.