You have to go back 12 months -- to Feb. 9, 2023 -- to find the last time Walt Disney (NYSE: DIS) shares traded as high as they are right now. A blowout fiscal first quarter on Wednesday afternoon got the stock moving, but as with any entertainment production, there were a lot of helping hands to put on a great show.

Disney has been a tough stock to defend in recent years. The shares have lost to the market for three consecutive years. It would have to nearly double from here to take out its all-time high set in early 2021. Hitting a fresh 52-week high on Thursday is still important. Let's go over many of the reasons for its overdue breakout.

Let's start with the rearview mirror. It wasn't a perfect quarter for Disney, but a few things did go well for the media giant during the critical holiday quarter.

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Source Fool.com