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‘Star Wars’ Scores at Box Office, Not on Wall Street

The force is powerful everywhere except, it turns out, on Wall Street.

Despite a record-breaking opening for “Star Wars: The Force Awakens” that surpassed even the media giant’s own earlier estimates, Walt Disney Co. stock fell Monday for the third day in a row, closing down nearly 1.1% at $106.59.

Some on Wall Street remain concerned about cord-cutting pressures on Disney’s ESPN and are taking the current hoopla as an opportunity to sell.

A number of recent analyst reports stole some of the spotlight from Disney’s news Monday that “The Force Awakens” opened to $248 million domestically and $281 million overseas. Both numbers were higher than the company estimated the prior morning because Sunday ticket sales were greater than models predicted, a sign that the $200 million-plus production will have strong momentum at the box office in the coming days and weeks.

“The Force Awakens” now has the highest global opening weekend of all time, including the top domestic opening and the No. 3 international launch.

Jefferies analyst John Janedis said Monday that the success of the new “Star Wars’ doesn’t change his core thesis that slowing media-industry growth and rising sports-rights costs at ESPN will limit further upward earnings revisions.

That followed reports last week that looked to tamp...