Horror entry Drag Me to Hell, released by General Electric's (NYSE: GE) Universal, was third with an opening take of $16 million. This one was directed by Sam Raimi, most famous these days for the Spider-Man franchise. But let's not forget that he gave us the seminal terror flick The Evil Dead back in 1981. I don't know what the budget was on Hell, but if it wasn't that high, then the $16 million opening might be okay.

Universal used a movie called The Strangers last year to exploit low-budget horror. Considering that Sam Raimi did this one, I'd have to assume it wasn't as cheap as a shareholder would like it to be.

Coming in fourth was Time Warner's (NYSE: TWX) Terminator Salvation, which also captured around $16 million. Now, this one is a true disappointment. As of Sunday, Salvation hasn't broken the $100 million mark, and this is the movie's second weekend in the marketplace! For a big, summer action flick, that's not good at all. So far, it has only $90 million in the bank. Time Warner should not be happy.

Now, back to Disney and Up. The $68 million debut improved upon the performance of last year's Pixar flick, Wall-E, which opened with $63 million. Sure, I would have loved to have seen an opening north of $70 million, but I'll take growth whenever I can.

Should Disney be bought on the Up news? There's some feeling out there that it should be, depending on the gross. If you look at this article at CNBC.com, you'll note that trader Joe Terranova said that if the movie does better than $50 million, then he'd be bullish on the stock.

Personally, I have to believe that the trade is over at this point. If you didn't buy on Friday, why would you buy on Monday if the stock is up -- no pun intended -- on the movie's opening? And if the stock is down, then you really wouldn't want to buy.

I'm writing this way ahead of the opening bell, so I have no idea how the market will react to Up. I'd be careful about trading Disney just on this one movie. Also, if you're looking to add Disney to a long-term portfolio, make sure you are buying for reasons other than Pixar. That segment is only one part of the media company. I've been thinking of doing a little trading in Disney myself (I do own a long-term position, I should point out), but my thoughts were not specifically centered on any single film.

Disclosure: I own Disney, GE; positions can change without notice.