What's going on with Disney stock? For a long while it was pretty much following the Dow. Now it's down no matter what.

ABC finally has a few hits. Attendance at Disney resorts is up. The number of people booking cruises is up. There's good buzz from Disneyland's 50th anniversary celebration. Disney will soon open another park in Hong Kong.

Yet DIS is still trading at $26. What's going on here? Is all the bad news from the 1990s finally reaching wall street?