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Here are highlights from Thursday's Analyst Blog:

ASM Int'l in the Right Direction

ASM International (NASDAQ: ASMI) is an OEM [original equipment manufacturer] of both front-end and back-end semiconductor manufacturing equipment. The back-end business has gained significant momentum in the past two years, while the front end business has struggled to become profitable.

On June 6, 2008, Applied Materials Inc (NASDAQ: AMAT) offered to buy two of ASM's units for $400 million to $500 million. ASM has so far shunned all offers and the deal appears off for now.

Quicksilver Resrcs Downgraded

We are downgrading Quicksilver Resources (NYSE: KWK) from a Buy to a Hold and decreasing our 6-month target price from $22.00 to $5.50 per share. The company's growth story remains strong and with the recent accretive Alliance acquisition, the company looks to further increase its growth prospects in the prolific Barnett Shale. KWK will likely grow production by 20% while decreasing operating cash costs in 2009.

However, the current weak commodity and credit environments will prevent significant upside movement in its stock price. Additionally, its above-industry-average debt levels makes it a less attractive investment given the current emphasis on corporate balance sheets.

Cache Estimates Reduced

Cache Inc (NASDAQ: CACH) is a specialty retailer, which operates stores selling women's apparel and accessories under the names Cache and Cache Luxe. Each of these store concepts carries its own distinctive brand merchandise, which includes sportswear, dresses and accessories (jewelry, belts, and handbags meant to complement the sportswear and dress categories). Cache targets women between the ages 25 and 45.

Cache reported a 4th quarter loss of $0.32 per share, which was in line with its guidance and $0.03 narrower than our estimate. Management's 1st quarter guidance was slightly worse than our forecast. We are reducing our estimates for 2009 and 2010. Macro headwinds continue to pressure consumer spending, and Cache's sales trends remain weak.