This column was originally published on RealMoney on June 29 at 8:42 a.m. EDT. It's being republished as a bonus for TheStreet.com readers.

It looks like

Time Warner

(TWX)

will have a big hit in the new

Superman Returns

movie, but a bigger beneficiary of the great reviews and special effects will be

Imax

(IMAX) - Get Report

, the chain of super-duper large-screen movie theaters.

In my limited survey, which consisted of a cab ride up Broadway here in New York City, I passed the Imax theater at 68th St. around 10 p.m. EDT and saw a huge line down that twisted down three flights of stairs and trailed out the door into the street. Granted, there's a certain contingent of people who will line up for anything on the first day just for the sake of being first, but this looks like a good sign. I think the last movie that had a successful Imax release was

Spiderman 2

; more recently,

Poseidon Adventure

and

V for Vendetta

were major disappointments.

I'm not sure what Imax's deal with Time Warner is and how much one movie could do for Imax's bottom line, but a hit certainly would help show that the super-huge screenings are a viable format and that Imax might make a nice partner for a larger entertainment company, such as Time Warner itself.

Shares of Imax have perked up recently, gaining about 5% to reach $9 in the past week, and a move to the 52-week high of $11 doesn't look like it would be too big a stretch. The September $7.50 calls are trading around $1.75 (which means there's only 25 cents of time premium in them, but of course, the whole $1.75 is at risk) and are one way to get bullish on the big picture.

Please note that due to factors including low market capitalization and/or insufficient public float, we consider Imax to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

Steven Smith writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks. He also doesn't invest in hedge funds or other private investment partnerships. He was a seatholding member of the Chicago Board of Trade (CBOT) and the Chicago Board Options Exchange (CBOE) from May 1989 to August 1995. During that six-year period, he traded multiple markets for his own personal account and acted as an executing broker for third-party accounts. He appreciates your feedback;

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