Here’s the latest action:

IBM buys Transitive Technologies: Transitive came up with a way to translate code from one hardware platform to another on the fly. Companies such as Apple used it to transition to new operating systems without breaking compatibility with old software. Now IBM has purchased Transitive for an undisclosed price and it will continue to support past customers including Sun, HP and Apple.

HP’s expected Q4 results lift stock market: HP said its fourth fiscal quarter results will be surprisingly strong, with revenue up 16 percent to 19 percent from a year ago. The results were helped by the recently acquired EDS services business and are a contrast to weakness at rival Sun Microsystems. In a topsy turvy day, HP’s results helped push the Dow up 151.17 points, or 1.83 percent, to 8,424.75. HP’s stock shot up 14.5 percent after the announcement. Still, HP warned the future could see weaker revenues.

Transmeta finds a buyer: Transmeta tried to take on Intel in portable microprocessors but failed. It revived its fortunes by getting a big patent-related settlement from Intel. Now video chip maker Novafora agreed to buy the once high-flying Intel rival for $255.6 million in cash. The Inquirer notes that shareholders are up in arms about the deal because, considering Transmeta’s cash, Novafora is getting Transmeta for about $5 million.

Real Dan Lyons quits Newsweek blog: After a couple of his posts were pulled (one attacking Yahoo, the other skewering AllThingsD’s Kara Swisher), the Real Dan Lyons (aka the former Fake Steve Jobs) has quit to the blog to focus on writing magazine articles.

Videoegg extends ad network to iPhone: Expect to see a lot of ads on the free apps on the iPhone, now that Videoegg has expanded its ad network to include Apple’s phone. The ads appear as banners at the top of an app. If you click on it, a video ad will play.

Nonprofit covers the news: Voice of San Diego nonprofit uses professional journalists to create original stories that the big media are missing.

Multiply raises funding from Filipino media giant: The family-based social networking site Multiply has raised $5 million from ABS-CBN. Multiply focuses on multimedia communication with people that you already know.

The soul of his newest machine: Steve Wallach, the computer architect profiled in the book “The Soul of New Machine,” (one of the best tech books of all time) has founded a new supercomputer company dubbed Convey Computer. Wallach has figured out a new way to solve a class of problems with a certain configuration of programmable processors. The company has raised $15.1 million in funding.

MTV puts music library on Facebook: The move will give Facebook a way to compete with MySpace Music, and it puts MTV in touch with a hip social network for a new generation of listeners.

Obama government transition watch: Names are popping up for those leading the Obama transition team that will