The Cloud Hanging Over Disney Has a Silver Lining

The Mouse is barely walking, let alone roaring. And according to conventional wisdom, the only roar you're likely to hear is from bears devouring Disney (DIS Quote) stock.

Disney certainly hasn't been "the happiest place on earth" for investors. In fact, over the past year, Disney shareholders have felt more like Wile E. Coyote.

And that's exactly why Disney deserves a second look.

The bearish side of the story is well-known. The sagging media business was already putting pressure on Disney. The company's big-screen arm didn't get the boost it thought it would from its Pearl Harbor flick, and advertising revenue from its media empire was slipping with the economy.

Then, on Sept. 11, the world changed. An economy that was teetering on the brink fell quickly over, and the consumer -- the only bright spot on the landscape -- quickly lost confidence. And, more important for Disney, leisure travel came to an abrupt halt. ...