Carmike Cinemas (CKEC) reported a much-improved fourth quarter yesterday after the bell. Total revenue increased 17%. The bottom line recorded 48 cents per share in terms of income from continuing operations. This compares to a loss of $2.75 per share in the relevant period.

According to Reuters, the net income figure completely obliterated the analysts. The call was for 9 cents per share. I don't think there was any question that the theater chain was going to beat. As management stated in the release, the multiplex industry generated incredible business in Q4.

How about a nice romantic comedy on Valentine's Day? Carmike Cinemas (CKEC) and operates a total of about 250 movie houses in the U.S. and is a frontrunner to capitalize on the movie spending that is sure to be strong on Sunday.

The company saw a nice boost after the recent blockbuster Avatar hit the silver screen and should keep that momentum going through the coming months.

Next: Steak 'n Shake (SNS)

At the time of this writing, Louis Navellier did not own shares of CKEC in personal or client portfolios.

Valentine's Day may be a commercialized holiday to some, but there's no denying that its big business. And this coming Valentine's Day may be extra sweet since it falls on a Sunday, making it a great excuse for a romantic night out. In fact, total Valentine's Day spending is expected to reach $17.6 billion this year, up 3.3% over 2009, according to consumer spending researchers at IBISWorld.

That's a big payday, and one that investors should be paying attention to.

Mark Cuban disclosed in a 13-D filed this morning that he has a 9.4% stake in Carmike Cinemas (NASDAQ: CKEC).

Unlike Mr. Cuban's personal blog, the 13-D lacks much in the way of color: There is the standard disclosure that he acquired the stake for investment purposes and may buy more or sell some or all depending on his mood.

According to the company, "Carmike Cinemas, Inc. is a U.S. leader in digital cinema and 3-D cinema deployments and one of the nation's largest motion picture exhibitors. As of September 30, 2008, Carmike had 250 theatres with 2,276 screens in 36 states. Carmike's digital cinema footprint reaches 2,147 screens, of which 430 are also equipped with 3-D capability. Carmike's focus for its theatre locations is small to mid-sized communities with populations of fewer than 100,000."

The company has been reporting huge losses as it sinks under the weight of a crippling debt load and economic malaise. But Cuban's one of the smartest people in business, so maybe there's some upside to be had. The shares have lost about 90% of their value since the beginning of 2007.

MOST NOTEWORTHY: News Corp, Limelight Networks, Corning and Carmike Cinemas were today's noteworthy initiations:

• RBC Capital is positive on News Corporation's (NYSE: NWS) strategy of investing cash flow away from mature enterprises to fund high-growth initiatives such as Sky Italia and Fox Interactive Media. The firm initiated shares with an Outperform rating and $26 target.
  
• Kaufman Brothers rates Limelight Networks Inc (NASDAQ: LLNW) a Sell based on a significant increase in the competitive environment with Akamai discounting on large deals, Level 3 Communications Inc (NASDAQ: LVLT) introducing a competitive offering in November 2007, Korean major-CD Networks becoming aggressive, and new entrants becoming aggressive with their value propositions.
  
• Deutsche Bank initiated Corning Inc (NYSE: GLW) with a Buy rating and $31 target as they believe shares are fundamentally undervalued given the company's strong fundamentals and promising outlook.
  
• Carmike Cinemas Inc (NASDAQ: CKEC) was started at JP Morgan with an Overweight rating. The firm said the company is the most exposed to 3-D, which could lead to potential upside due to low margins and leverage capital structure.

OTHER INITIATIONS:

• UBS started shares of St. Jude Medical Inc (NYSE: STJ) with a Sell rating and $43 target and shares of Medtronic Inc (NYSE: MDT) with a Buy rating and $64 target.
  
• Bear Stearns initiated shares of TJX Companies Inc (NYSE: TJX) and Ross Stores Inc (NASDAQ: ROST) with Peer Perform ratings.
  
• KeyBanc initiated shares of LaSalle Hotel Properties (NYSE: LHO) with a Hold rating.
  
• Caris started shares of Acme Packet Inc (NASDAQ: APKT) with an Above Average rating and $17 target.