Even at 12-Year Highs, Buy Disney: Pros

“I’m surprised Disney isn’t up more in the after-market,” says trader Stephen Weiss after parsing through Disney earnings.

“I think the stock is cheap.”

As a well diversified media company, Disney was able to beat the Street - with better than expected results - even though its film unit reported an $84 million loss due to poor performance by the movie "John Carter," which cost $250 million to produce and millions more to market.

However, the weakness was offset by results from the media networks, which includes sports powerhouse ESPN, and showed operating earnings increased 13 percent to $1.7 billion in the latest quarter.

The theme park business showed similar strength. Earnings at the theme park unit rose 53 percent to $222 million.

“They have so many different engines,” adds Weiss. "That’s what I like about it."

“Lower gasoline is also good for Disney,” adds Dennis Gartman.

“I’d also get long,” says trader Brian Kelly.

Only trader Dan Nathan is skeptical. “The stock is trading at 12 years highs,” he reminds. “There are better places to put money to work than Disney.”

Looking at the numbers, Disney posted fiscal second quarter earnings of $1.1 billion and a 6 percent increase in revenue to $9.629 billion.

Analysts had expected the company to report earnings excluding items of 55 cents a share on $9.56 billion in revenue, according to a consensus estimate from Thomson Reuters.

In case you’re wondering, these results do not include results from Disney's blockbuster superhero movie "The Avengers," which set an industry record on May 6 by grossing $207.4 million in ticket sales over its first weekend.

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Trader disclosure: On May 8, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karen Finerman is long AAPL; Karen Finerman is short AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long RIMM; Karen Finerman is long HPQ; Karen Finerman is long AVP; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short MDX; Brian Kelly is long WFC; Brian Kelly is long T; Brian Kelly is long VZ; Brian Kelly is long ADM; Brian Kelly is long USG; Brian Kelly is short KRONE; Brian Kelly is short FTSE 100 Futures; Dan Nathan is long jan 450 puts AAPL; Dan Nathan is long BAC MAY 7 PUTS; Dan Nathan is long C JULY 32/27 PUT SPREADS; Dan Nathan is long MS MAY 16/15/12 PUT FLY; Dan Nathan is long IBM JULY 200/185 PUT SPREADS; Dan Nathan is long RIM JAN 20/25 CALL SPREAD; Stephen Weiss is short MT; Stephen Weiss is short CMI; Stephen Weiss is short JCP; Stephen Weiss is short NFLX; Stephen Weiss is long AIG; Stephen Weiss is long JPM; Stephen Weiss is long QCOM

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