IN BRIEF.

VALLEY INDEX GAINS: Shares of most companies in the Daily News Index were higher Thursday, led by Newbury Park's Semtech Corp., which gained $2.375 to $52.75.

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MORE DOWNGRADES: The bad news continues for Calabasas-based Superior National Insurance Group Inc. Less than a week after Standard & Poor's cut the stock rating on Superior's Capital Trust I to D from CCC+, A.M. Best Co. Thursday placed the B++ rating of Superior National under review with negative implications. The rating reflects A.M. Best's concerns related to reserve adequacy and Superior's decreased financial flexibility, issues regarding its current reinsurance program, and ongoing pressures throughout the workers' compensation market, the company said in a statement.

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STOCK SPLIT: Shareholders of video game maker THQ Inc. began the day Thursday with 50 percent more shares as they previously had, but at two-thirds the price. Shares of the Calabasas-based company inched higher, gaining 4.73 percent following the 3-for-2 stock split, to close at a price of $36 per share.

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RADIO MERGER: One Place Ltd., a subsidiary of Camarillo-based Salem Communications Corp., has acquired ICRN.com, a leading Christian media network from the Domain Group. Terms of the transaction were not disclosed. The deal expands OnePlace's streaming broadcast ministries to 120 from 60, more than double the size of its nearest competitor, the company said. Salem is a provider of radio, electronic and printed material for the Christian market.

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Countrywide Credit Industries Inc. completed its $425 million acquisition of Balboa Life and Casualty Group from Associates First Capital Corp. Balboa is one of the leading writers of credit-related insurance in the nation, specializing in creditor-placed auto and homeowners insurance.

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