Gaze Skeptically On This Bullish Tale

There are many journalistic crimes that the business media commit each day, but among the worst is that which Barron's committed on Saturday.

You see, Barron's saw fit to run an article that questioned with furrowed brow why a previous article that had appeared on its hallowed pages pounding the table on Disney'sDIS great prospects did not move the stock. So already you know to be careful. These circumstances present a host of opportunities for self-justification and intellectual overreach.

The original article ran in February and, ironically, was one The Business Press Maven agreed with. It made the case that Disney, despite investor worries about the impact of the economy on its theme parks, was a good long-term buy. Several weeks before Barron's, I had even snarled at the business media for overweighting an emphasis on a one-time charge and not fully understanding how resilient Disney's earnings appeared.

They Just Don't Get Disney!

At root: this is a company with a lot of modern brand franchises. Moreover, they have finally evolved past the old mindset that was ambivalent about moving past old paint-by-the-numbers characters.

Enter Hannah Montana, a gazillion dollar cultural juggernaut. Despite the tawdry photo shoot scandal involving its young star, Miley Cyrus, this franchise has become a wide-ranging jackpot for Disney. There is a gigantic element of serendipity and blind luck to such entertainment hits, but Hannah Montana has been best case scenario for the boys and girls at Burbank.

And Barron's began its self-justification by criticizing investors for not treating the soon-to-be released WALL-E like the automatic second coming of Hannah Montana. Look at this puzzling lead:

"FOR WALT DISNEY, THIS HAS BEEN THE YEAR OF MILEY, BUT COULD we be approaching the summer of WALL-E?

If WALL-E -- the animated film (sounds like Wally) from Disney's Pixar studio due to debut in June -- does indeed join Miley Cyrus' Hannah Montana and become a hit and financial windfall, it would surprise a skeptical Wall Street."