Lions Gate has scheduled its annual meeting for December 14, but Burns said he wouldn't wait until then to discuss the merger with Icahn.
"We would not wait to talk to Mr. Icahn about a potential MGM transaction," Burns said. "That would be an ongoing dialogue."
Brian Kelly, a "Fast Money" trader and founder of Kanundrum Capital, likes Lions Gate at current levels. As the company continues to fight legal battles, he appreciates that it's able to release good movies.
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S&P'S NEXT LEVEL OF RESISTANCE?
Listen up, bears.
If the Standard & Poor's 500 Index closes above the 1,230 level, Stuart Frankel's Steve Grasso thinks you might want to change your tune.
"With a close above 1,230, it's a vacuum up to 1,270," Grasso said. "If you're bearish, you have to rethink your position if we close above 1,230 in the S&P."
On the way down, Grasso said it appeared as though we were going to revisit a few key levels, including the 20-day moving average at 1,190 and the 200-week moving average at 1,192. On the upside, the resistance levels are 1,220 and 1,230.
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TRADING PRECIOUS METALS
After both gold and silver continued to hit new highs, the Chicago Mercantile Exchange on Tuesday increased the margin requirements for silver futures. Those trading silver on margin now have to pay a minimum of $6,500 per contract traded, a $1,500 per lot increase that makes it more difficult to speculate on silver prices.
From the floor of the CME, options trader Jon Najarian said took off roughly two-thirds of his shorts on the Silver exchange-traded fund after it made a 9 percent move to the upside Tuesday.
Speaking of precious metals, Trutina Financial's Patty Edwards still owns gold because she thinks it's become "one of the major currencies out there." Edwards said she'll hold onto gold until exchange rate and trade issues are resolved.
Brian Kelly, founder of Kanundrum Capital, recommends buying puts on your positions in precious metals because that gives you protection to the downside.
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CALL THE CLOSE
