Looking at last night's tech earnings, DLB (-5.0%) beat on EPS and revs, but guided Q1 EPS below consensus. FLTX (-3.3%), beat on EPS, revs and issued upside guidance. NVDA (+1.3%) beat on EPS, and guided Q4 revs below consensus. This morning, CRAY (+8.7%) beat on EPS, revs, and guided higher. In M&A news, KYAK (+26.5%) will be acquired by PCLN (-0.4%) for $40/share. CRAY (+8.7%) will acquire Appro International for $25 million. In news, SWKS (+2.6%) board of directors authorized the repurchase of up to $200 mln of common stock. In notable analyst upgrades this morning in the tech space, CCOI (+1.1%) was upgraded to Market Perform at Bernstein. Among downgrades, SPRD (-10.7%) was downgraded at Canaccord Genuity and JP Morgan. DTSI (-24.8%) was downgraded at Barrington Research, JMP Securities, and Piper Jaffray. CSCO (+0.5%) was downgraded to Neutral at JP Morgan.






