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5 trades on Tesla, GoPro & Pandora

To trade Jay Z's streaming service, some CNBC "Fast Money" traders looked to Pandora, one of the platforms the rapper is looking to disrupt.

"I think the risk-reward in Pandora sets up pretty interestingly right here," said CNBC "Fast Money" trader Guy Adami.

Jay Z on Monday detailed his plans to relaunch Tidal, a music platform he recently acquired for $56 million. The subscription service—in which musicians have a majority ownership—will have two payment tiers set at $10 and $20 per month.

Read MoreJay Z brings the A-list for Tidal music service

Internet radio service Pandora moved half a percent lower in extended trading on Monday, sitting around $16 per share. If Jay Z's announcement prompts a selloff in the stock, it provides a buying opportunity because Pandora does not compete for paid subscribers, trader Brian Kelly said.

However, trader Dan Nathan saw little upside in Pandora, noting that paid streaming service Spotify has about five times its subscribers.

Elon Musk
Getty Images
Elon Musk

Tesla Motors

Tesla CEO Elon Musk on Monday hinted at a new product that the company will reveal at the end of April. It will not be a car, he noted.

Read MoreTesla's Musk teases new product. It's not a car

Shares in the often volatile electric car maker closed 3 percent higher, above $190. Tesla may be worth the risk at its current levels, Adami said.

Kelly noted that the stock looks overvalued unless investors believe the company will "revolutionize" the electric grid.

GoPro

Analysts at Dougherty and Company upgraded the wearable camera maker to "buy" from "neutral" on Monday. The stock moved 2 percent higher to close above $43 per share.

Adami believes GoPro has gotten "interesting" but would hesitate to buy until it closed above $46. Nathan, though, said the company has too much competition in the camera space and could fall below $40 despite the upgrade.

Disclosures:

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 and TLT. He is short yuan.

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 AAPL, ANTM, BAC, C, CMLS, DIS, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, KORS, XBI, SUNE and URI. Her firm is long calls URI. Her firm is short IWM, SPY and 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.