I absolutely loved this article from The Hollywood Reporter -- it's about Discovery Channel's popular reality program Deadliest Catch. You know the show -- it's the one that tries to make deep-sea crab-catching look fun and cool and exciting (for me, it would be none of the above). It is an engaging show, though -- I've watched a couple episodes, and I will admit, it was hard to turn away from the events on those fishing boats. The people who make these reality shows have genuine talent when it comes to turning ordinary jobs that otherwise would be boring and monotonous if they were experienced in actual life into magical fantasy worlds that become career goals for the viewer taking them in on the small screen. But, the thrust of the Reporter article is that not everything you see on Catch is necessarily representative of actual events all the time.

Apparently, the producers of the show did some editing on the premiere that spliced together two separate events to make them seem like they were happening at the same moment in time. I won't go into the whole thing, but there was a flooding situation on a boat that occurred during one month, and there were giant waves causing chaos on the sea during an entirely different month. The two sequences were combined, and presto -- you think the waves happening during month B are causing the flooding that took place during month A. An outline is offered up as proof of the creative editing, as the document seems to direct editors to make the combination.

The Reporter article states that this might be considered controversial since Catch is supposed to be a documentary and not a reality show. Well, as I've said, I've seen Catch, and personally, I can tell you it isn't a documentary. Nope; not a chance. This is a reality show, and as such, the viewer will always want to assume that not everything is as it seems.

MOST NOTEWORTHY: Bankrate, Discovery Holdings and KBR, Inc were today's noteworthy upgrades:

• Merriman upgraded shares of Bankrate (NASDAQ: RATE) to Buy from Neutral on valuation following the recent pullback and believes shares can reach $50-$60 with some positive near term headlines, including price increases across the board and an additional cut in interest rates.
  
• Wachovia upgraded Discovery Holdings (NASDAQ: DISCA) to Outperform from Market Perform based on valuation, uptick in ratings, and strong scatter market.
  
• KBR, Inc (NYSE: KBR) was upgraded to Buy from Neutral at UBS, as they see potential for significant awards of major energy and chemicals projects.

OTHER UPGRADES:

• JMP Securities raised Gevity HR (NASDAQ: GVHR) to Outperform from Market Perform.
  
• Oppenheimer upgraded Cybex (NASDAQ: CYBI) to Buy from Neutral.
  
• Baird upgraded Integrys Energy (NYSE: TEG) to Outperform from Neutral.

On today's STOP TRADING! segment on CNBC, Jim Cramer said he loves Discovery Holdings (NASDAQ:DISCA) and thinks it should go private. He was very positive on this name before on one of his MAD MONEY episodes on April 23, 2007.

The problem is that the company is not at a price any "fiscally responsible buyer" would be interested in. It loses money and has negative cash flows at this point, even if that has been on non-recurring items.

The good news is that it is expected to make money this year and grow earnings next year. But it is essentially still on the cusp. The main reason for losses was because of one quarter last year, but the net earnings from operations probably price this out. A buyer at this point would mainly be a vanity buyer or a buyer who thinks he/she can run it much leaner and meaner than current management. It would also be a large gamble considering that the company is already worth more than $6 billion in market cap.

MOST NOTEWORTHY: Nintendo Co, Ltd (NTDOY) and FuelCell Energy, Inc (FCEL) were the only noteworthy initiations in today's modest-sized list:

• JP Morgan started Nintendo Ltd (OTC: NTDOY) with an Overweight rating.
• Lazard initiated shares of FuelCell Energy (NASDAQ: FCEL) with a Buy rating and $11 target, as the firm believes the company has the best bookings prospects in its history.

OTHER INITIATIONS:

• Discovery Holding Co (NASDAQ: DISCA) was initiated at Pali Research with a Buy rating and $25.50 target. Pali said Discovery now appears committed to developing unique,"on-brand" proprietary content across all its cable networks that it can exploit through an increasing number of distribution platforms; Pali added that this is a company that no longer feels compelled to be in every country around the globe.
• Pacific Crest initiated shares of Vocus, Inc (NASDAQ: VOCS) with an Outperform rating and $28 target, as the firm believes the company has a strong competitive position.
• Cowen initiated Medivation, Inc (NASDAQ: MDVN) with a Neutral rating based on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Remember when James Cameron directed the Terminator movies and he was unequivocally regarded as awesome? Then he made this little period piece about some boat sinking, proclaimed himself "King of the World," which was perceived as arrogant but was really just a quote, traded in wives, and was never really heard from for nearly a decade.

So what's the best way to move back into the limelight? Find Jesus. And not in the same way that Stephen Baldwin has. The Oscar-winning filmmaker said yesterday that a group of stone boxes, originally discovered two decades ago within a hillside tomb in Jerusalem, once held the remains of Jesus Christ and Mary Magdalene.