While sentiment and stock performance has turned positive for Disney , the stock has run up 26% over the last year, all may not be well at the owner of ABC, Lucas Films and ESPN, among other media properties. “We believe the risk/reward skews negatively and continue to see more negative data points than positive ones for ESPN, which we believe will remain the dominant theme for the stock,” wrote Daniel Salmon, analyst at BMO Capital Markets in a research note on Wednesday.