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Sector Trade: Aerospace

Reports out of the Paris Air Show says the mood there is about as gloomy as the weather. Pouring rain at the Le Bourget air field, combined with plunging revenue, layoffs and unprecedented losses in the industry, has set the stage for a dismal gathering.

By the close of the first day, Boeing hadn’t scored a single jet order while rival Airbus announced just one, from Qatar Airways, for 24 jets from the A320 family worth $1.9 billion.

By comparison, on opening day last year airlines from oil-rich Middle Eastern countries booked orders for about 150 planes worth more than $25 billion.

Has the bad economy already grounded aerospace stocks or should you expect more drag going forward?

In the space I’ve got my eye on United Technologies , says Guy Adami. But I only like it around $50. Here it’s too rich.

I like Spirit Aero Systems, adds Joe Terranova. I think you can get long.

Or check out Honeywell , adds Tim Seymour.

I like Boeing if it pulls back to $44, adds Pete Najarian.

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Trader disclosure: On June 15th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (BTU), (MSFT), (NUE); Seymour Owns (AA), (BAC), (BX), (EEM), (FXI), (TTM); Seymour's Firm Owns (NOK); Seymour's Firm Owns (TKC); Najarian Owns (BX) Call Spread; Najarian Owns (FCX) Calls & Put Spread; Najarian Owns (GE) Calls; Najarian Owns (INTC) Call Spread; Najarian Owns (MOS) Put Spread; Najarian Owns (PALM) Calls; Najarian Owns (WNR); Najarian Owns (S) Calls; Terranova Owns (TER), (SDS), (ABT); Terranova Owns (RIMM) & Short (RIMM) Calls; Terranova Is Short (RIG); Terranova Owns (BRCM) & Short (BRCM) Calls; Terranova Owns (MS) & Short (MS) Calls; Terranova Is Short (FCX); Terranova Owns (GENZ) & Short (GENZ) Calls; Terranova Owns (HES) & Short (HES) Calls; Terranova Is Short (XOM) Call Spread; Terranova Owns (DIS) Call Spread; Terranova Owns (X) & Short (X) Calls; Terranova Owns (JPM) & Short (JPM) Calls; Terranova Owns (BTU) & Short (BTU) Calls; Terranova Is Short August Gold Futures; Terranova Owns (POT) & Short (POT) Calls; Terranova Is Short Septmeber Oil Futures; Terranova Owns December Oil Futures; Terranova Owns August Nat Gas Futures; Terranova Owns (IBM) & Short (IBM) Calls; Terranova Is Short (OIH) & (OIH) Calls