PaineWebber Inc. lowered its investment rating on Blockbuster Entertainment Corp. to “attractive” from “buy” Friday, noting that the company’s stock price has risen about 22% from a month ago.

The rating change was due to a “higher level of risk” and dubs Blockbuster a “very volatile stock.”

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Dick Clark Productions Inc. reported less red ink for the first quarter of its fiscal 1993 Friday, with a net loss of $ 76,000 (1 cents a share), compared to a net loss of $ 404,000 (5 cents) for the comparable period last year.

First-quarter revenues rose 86% to $ 9.27 million, compared to revenues of nearly $ 5 million for the year prior period.

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Image Entertainment Inc. posted a net loss of $ 622,884 (5 cents a share) for the second fiscal quarter, ended Sept. 30. The laserdisc distributor reported a net loss of $ 199,109 (2 cents) for the same period last year. Revenues at the Chatsworth-based company were up 32% to $ 16.9 million.

The company recorded an operating income of $ 86,000, compared to nearly a $ 1 milion loss in the first quarter.

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Standard & Poor’s upped its ratings on debt issued by Orion Pictures Corp. Friday, though the company still remains in the “junk” category.

The agency assigned its CCC- rating to Orion’s $ 50 million 10% subordinated debentures due 2001, which have been issued to holders of the company’s previously outstanding $ 290 million of subordinated debt.

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Trimark Holdings announced that its net earnings for the three months ended Sept. 30 dropped 71% to $ 245,000 (5 cents per share) compared to $ 849,000 (18 cents) for the comparable period a year ago.

Revenues for 1993 fiscal first quarter were essentially flat: $ 10 million, compared to $ 9.9 million in the prior year period. Film costs and distribution expenses rose 10% to $ 7.5 million during the fiscal 1993 quarter compared to $ 6.8 million a year ago. Trimark shares fell 50 cents to $ 4.25 Friday.

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