After the merger with Pixar was announced, and Disney released earnings, Disney (DIS) stock gapped up from a low of $24.96 on February 6th, to a high of $27.04 yesterday.

After the close on Monday, February 8th, Disney beat earnings estimates by .02 cents, and raised guidance for 2006 & 2007.

Also o February 8th, CEO Bob Iger sold 927,300 shares at prices ranging from $25-26.85. This left Mr. Iger with 484,876.

The company's CFO said "that in general, the company expects continued double-digit earnings growth for 2006 for the fourth straight year. He added that Disney expects to buy back $5 billion worth of shares over the next 12 months".

If this is true, and I have no reason to believe it is not, why would Iger dump close to a million shares of DIS stock.

Today's insider report shows that Iger sold another 32,700 shares at prices ranging from $25.52-25.80.

The bottom-line in all of this is projections are one thing, results are another. While Disney has done a good job with their numbers, is Iger and the rest of the Disney clan smelling a recession on the horizon?

If I thought my company's earnings were going to grow over the next few years, I would not be selling a million shares of stock.