Movie theaters don't want you to know how many calories are in the popcorn and that's why they are resisting FDA attempts at requiring disclosures. If the FDA required scales in front of the popcorn counters, or that all popcorn be sold with free carrots, I might side with the theaters, but requiring one of those small nutritional information panels on the back of the popcorn bucket -- eaten in a darkened theater -- hardly seems oppressive to me.

I'm all for free choice and I don't want to take away anyone's jumbo popcorn as they go to the movies -- unless, of course, I get to eat some of it.

Analyst Upgrades

• Tyson Foods (TSN) to buy from hold at Deutsche Bank.
• Carmike Cinemas (CKEC) to buy from neutral at Merriman.
• Ambow Education (AMBO) to conviction buy from neutral at Goldman.
• Johnson Controls (JCI) to overweight from equal weight at Barclays.
• Dynex Capital (DX) to outperform from market perform at JMP Securities.
• Ensco (ESV) to outperform from neutral at Credit Suisse.
• York Water (YORW) to buy from hold at Brean Murray.
• Mid-America Apartment (MAA) to market perform from underperform at FBR Capital.
• Cheniere Energy Partners (CQP) to hold from sell at Citigroup.
• Forest Oil (FST) to positive from neutral at Susquehanna.
• Tractor Supply (TSCO) to outperform from neutral at RW Baird.

Here are some highlights from this past week's earnings coverage on BloggingStocks:

• AutoZone Inc. (AZO) reported better-than-expected Q2 earnings, as well as sales and gross margin growth.
• Big Lots Inc. (BIG) beat Q4 earnings expectations, raised its guidance, and lifted its share repurchase program.
• Carmike Cinemas Inc. (CKEC) swung to better-than-expected profit in Q4 and reported strong sales growth.
• Ciena Corp. (CIEN) reported a bigger-than-expected Q1 net loss and some revenue growth, and offered guidance.
• DISH Network Corp. (DISH) posted a year-over-year increase in Q4 revenue but also a decline in per-share earnings.

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: Select theater stocks, Equity Inns (ENN), Talbots (TLB) and Starbucks (SBUX) filled today's noteworthy downgrade segment:

• Banc of America said summer blockbusters have fallen off faster than they expected and there are fewer mid-tier films to support growth:

• The firm downgraded Carmike Cinemas (NASDAQ: CKEC), Cinemark Holdings (NYSE: CNK) and Regal Entertainment Group (NYSE: RGC) to Neutral from Buy.

• Equity Inns (NYSE: ENN) was cut to Sell from Hold at AG Edwards after the Whitehall acquisition. JMP Securities and Friedman Billings cut shares to Market Perform from Outperform and KeyBanc downgraded Equity Inns to Hold from Buy.

• Matrix USA downgraded Talbots (NYSE: TLB) to Sell from Hold based on the eroding return of capital because of the company using capital to acquire and open new stores. Friedman Billings downgraded shares of

• Starbucks (NASDAQ: SBUX) to Market Perform from Outperform and removed the company from their FBR Top Picks list on expectations that 2H07 same-store sales will no longer improve, removing a catalyst...

OTHER DOWNGRADES:

• Fairchild Semiconductor (NYSE: FCS) was cut to Market Perform from Outperform at Piper.

• Abercrombie & Fitch (NYSE: ANF) was downgraded to Equal Weight from Overweight at Lehman.

• UBS downgraded Big 5 Sporting Goods Corp (NASDAQ: BGFV) to Neutral from Buy.

• Banc of America downgraded Cognos (NASDAQ: COGN) to Neutral from Buy.

• Roth downgraded Fuel Tech Inc (NASDAQ: FTEK) to Hold from Buy.

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

Shrek 3 and Spider-Man 3 are coming to a movie theater near you, just as the sector is coming out of an ugly downturn.

Overcapacity and over-leverage had led to an ogre-ish performance causing theater operators to file for bankruptcy or get picked up by private equity.

Now theater companies are going public or emerging from bankruptcy with little fanfare. However, according to Buzz Zaino, long-time great stock picker at Royce Opportunity Fund, it is time to start looking at these stocks again. In Barron's fund-manager interview (subscription required), Zaino said box-office receipts are up 7.2% year-to-date with a summer of good new releases expected to keep the momentum going.

Carmike Cinemas Inc (NASDAQ: CKEC) looks particularly attractive since it has upgraded 75% of its screens to digital, on which, in addition to showing movies, new alternative concepts are expected to generate additional revenue. Other movie chains Zaino likes are Regal Entertainment Group (NYSE: RGC) and Cinemark Holdings Inc (NYSE: CNK).

Expected improvements in box-office receipts should lead to nice incremental EBITDA margins especially for Carmike since its theater upgrade is mostly completed.

Few have mentioned theater stocks as a place to invest in. Zaino is one of the best at find long-forgotten industries as fundamentals are on the upswing. This ogre of an industry appears ready to return some princely profits to shareholder.