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Can Disney's Stock Regain the Magic After Earnings?

Walt Disney (DIS - Get Report) , once the most dominant component of the Dow Jones Industrial Average (DJI) , has been the Dow's most disappointing stock since July, falling as much as 33%. Subscriber losses from its sports network ESPN is much to blame.

At $115.60, share are down 4.6% in the past three months but up close to 23% on the year and 26% over the past year. Despite a decline in analysts' earnings estimates, the Magic Kingdom looks ready to regain that magic ahead of the company's fourth-quarter earnings after the close Thursday.

With much of negative news about ESPN out of the way, ignoring the value in Disney shares would be a mistake. The stock now trades at a price to earnings ratio of...