Disney (DIS) shares fell 3% on Wednesday in reaction to the company’s 3Q05 earnings report. The quarter was decent but I found the 3Q results disappointing as I was expecting an unequivocally strong report to act as a catalyst for the shares. However, I did not find the results to a major miss and was a bit surprised with the harsh reaction by the market. Coming off the quarter, I am holding all client positions and still think the shares belong in the low $30s. However, comps toughen in the second half of calendar 2006, so the window is narrowing a bit for that objective to be achieved. My key takeaway from the quarter is that things better liven up in the next two quarters or owning the shares will have been a waste of time….

….Rather than recap the quarterly financial figures, I thought I’d just add a few impressions from the report and the analyst commentary that followed: