One thing is for sure in this world -- death and taxes ... and the steadiness of theme parks from the Walt Disney Co (NYSE:DIS). The branded entertainment company that opened Disneyland in 1955 may be changing its tune a bit, as rumor has it that there is a top-secret development unit looking to expand into a new theme park model that goes quite a bit beyond getting paying customers to visit Florida or California, where its two main theme parks are located.

What is the plan? It seems natural that Disney wants to make its theme parks a little more accessible to millions of more customers who don't have the capability to get halfway across the nation to visit either of its main theme parks. But, instead of actually building new parks and so forth, the company may be planning more niche resorts and attractions around the world, instead of the super-huge theme parks like Orlando's DisneyWorld.

But before that happens, Disney is getting into the "travel concierge" business of sorts by offering what it calls "Adventures by Disney." Travelers and vacationers can pay for guided Disney tours to popular destinations around the world, including Italy and Ireland. Add more Disney cruise ships to its stable and Disney looks to be expanding in the largest way. Will it pay off for investors though?

Companies start to believe their own PR hype. Investors push a stock past logical limits. A company seems about to break down or break out. These are just a few things that can signal a stock with attitude. And... That attitude can be good or bad for the stock price since attitude always catches up with reality. At least on Wall Street that is.

Disney (NYSE:DIS) was up $0.60 (+1.70%) Thursday to $35.85 on news about a robot named Wall-E starting to appear in promotions for one of their computer animated movies scheduled for release in June 2008 . Or could it have been the announcement that Moody's may raise the company's debt rating because of of improving profits from operations? I'll bet it was the second one that got investors excited enough to give this stock a hefty boost in trading yesterday. Disney already has the highest possible S&P 5 STAR rating, and out of the 17 other analysts who cover the stock 4 give it a strong buy, 3 a moderate buy, 9 a hold, and one lone party pooper gives it a sell.

What other company has an end-to-end entertainment production, promotion, and delivery system like Disney? None that I know. Who else can promote that June 2008 animated feature release for months on several cable TV channels and on the ABC Network during Desperate Housewives and Lost? Then, after you've seen the movie, catch the ride at one of the Disney theme parks.

Other entertainment companies like General Electric (NYSE:GE), News Corp (NYSE:NWS), Tribune (NYSE: TRB), and even Time-Warner (NYSE:TWX) just can't put together the kind of grand-scale media leverage that Disney seems to have down to a paint-by-numbers science. If you're looking for a bullish hedged play on Disney, consider an April covered call around the 35 level. You might even catch a bit of this stock's small dividend and wait until you see what kind of perks they have for shareholders.

Vic Schiller is an analyst with attitude at Investors Observer.

DISCLOSURE NOTE: Mr. Schiller owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about.