Start Wishing Upon A Star

There’s lots to talk about at Disney’s shareholders’ meeting on Tuesday, but at the top of the list will be the steep decline in share price. It’s tumbled about 30% since the first of the year. (See the chart below)

Of course that’s not to say Disney isn’t making headlines.

The firm has renewed its commitment to going green and on Monday made the stunning announcement that it planned to cut carbon emissions in half by 2012. Ultimately Disney hopes to eliminate greenhouse gas emissions all together – and not only at its offices, but also its retail stores, theme parks and cruise lines.

And Disney knows a thing or two about hits.

Just last week Disney said its teen franchise "High School Musical" is coming back for a fourth time -- but with a new cast of characters. Also last week, Disney said it’s considering creating a subscription-based online movie and TV rental service from the company's vast video library.

With so much in the works, what’s the 911 on Disney?

For insights we turned to Pali Research media analyst Rich Greenfield who has a “sell” rating on Disney.

He tells Fast Money media stocks are really struggling. Even Disney which arguably has the best asset mix is struggling.

Why is that?

Because the consumer is falling off a cliff says Greenfield. And overseas currencies have reversed. “Foreign travel to Disney is a big part of their business.” In other words it's getting much more expensive for foreign visitors to take a vacation at the Disney theme parks.

What’s Greenfield's media trade?

“Disney has done a great job of masking how bad the problem is,” says Greenfield. But, if you’re looking for a trade from the long-side he says, “Viacom at 6 times earnings is compelling. Or look at the Time Warner stub or Discovery Communications.”

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Trader disclosure: On Mar. 9th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (GDX); Najarian Owns (DNA) Calls; Najarian Owns (FCX) Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MSFT) & (MSFT) Calls; Najarian Owns (PNC) Put Spread; Najarian Owns (X) Call Spread; Najarian Owns (V) & (V) Calls; Najarian Owns (MOS) Call Spread; Najarian Owns (GD) Long Calls; Finerman's Firm Owns (MSFT); Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Own (RIG); Finerman's Firm Owns (WFC) Preferred; Finerman Owns (WFC) Preferred; Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO), (BBT), (VNO); Seymour Owns (BIDU), (EEM), (FXI), (RIG), (BAC), (CHL); Karabell Owns (AAPL), (BHP), (FCX), (GOOG), (GLD), (GE), (JPM)