The Warner Bros. film festival at the Stanford Theatre continues with “Footlight Parade,” starring an overly caffeinated Jimmy Cagney at his best. Like “Gold Diggers of 1933,” the other Warners musical masterpiece of the same year, it’s a fluid combination of story and spectacle. The naughty “Honeymoon Hotel,” the breathtaking “By a Waterfall,” and the exotic pipe-dream “Shanghai Lil” still pack a surreal punch. The Stanford Theatre, 221 University Ave., Palo Alto.