QLogic (QLGC +18.6%) surges after reporting FQ3 revenue of $119.4M (-16% Y/Y) and EPS of $0.20, beating a consensus of $117.5M and $0.18. Storage adapter card and controller chip sales fell sharply Y/Y, while switch sales ticked higher. On its earnings call, QLogic guided for FQ4 revenue of $112M-$118M and EPS of $0.13-$0.17 vs. a consensus of $111.5M and $0.15. SA's Ashra Eassa offered a detailed bull case for QLogic a month ago. Rivals Emulex (ELX +1.5%) and Mellanox (MLNX +2.5%) are up a bit.