There will be a major Cruz announcement this afternoon. He is not going to announce he is quitting the race. So that leaves open the possibility of him announcing his choice for VP. More likely he will announce the endorsement of Indiana Gov. Mike Pence.
The announcement will in fact be that Cruz has picked Fiorina for VP. Considering her record at HP that is really scrapping the bottom of the barrel for running mates. Trump will have a field day with that news.