The Netflix Trade After Icahn’s Big Buy

After billionaire investor Carl Icahn revealed on Wednesday, the CNBC "Fast Money" pros said they weren't chasing the trade.

Karen Finerman of Metropolitan Capital Advisors revealed her position: "We're short now. I think it's overdone."

Finerman also said that Icahn's 13-D filing with the Securities and Exchange Commission "wasn't the most aggressive we've seen."

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She also praised Netflix's Reed Hastings.

"This is not a CEO who is unfriendly to shareholders," she said.

Netflix wasn't luring Stuart Frankel's Steve Grasso.

"I'd rather play the content side," he said, adding that he would pick Lionsgate.

"Even though Lionsgate is at the high end of it's yearly range, I'd rather be with content providers because of the high cost of entry, and I'd rather play it with Amazon for streaming," he added.

Trader disclosure: On Oct. 31, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Mike Murphy is long AAPL; Mike Murphy is long WFC; Mike Murphy is long TGT; Mike Murphy is short FB; Enis Taner is long GS; Enis Taner is long AMZN PUTS; Simon Baker is funds long DIS; Simon Baker is funds long GE; Simon Baker is funds long F; Simon Baker is funds long AAPL; Simon Baker is funds long BRCM; Simon Baker is funds long HD; Simon Baker is funds long MAS.

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