Updated from 11:43 a.m. EST to provide analyst comments on Cavium regarding fourth-quarter guidance in the sixth paragraph and updated share prices.
A tweet from Andy Rubin, the head of Android at Google, said there were 3.7 million activations of Android devices on Christmas Eve and Christmas Day.
Meantime, Cavium Networks (CAVM) shares were off 1.1% to $28.16 after the company lowered its fourth quarter outlook on enterprise and telecom spending weakness and an ongoing "hub transition" at one of its major customers.Cavium said it expects fourth quarter revenue to be between $56 million and $57 million. Analysts polled by Thomson Reuters expect revenues of $58.78 million in the fourth quarter. Deutsche Bank analyst Brian Modoff identified the major customer in question as Cisco (CSCO), and said this is the third time that Cavium has blame Cisco for sales softness. Cavium generates more than 20% of its annual sales from Cisco. Netflix (NFLX) shares were off 2.3% to $68.96, after a new survey found the company had slipped significantly in online customer satisfaction in the past year. A survey conducted by analytics firm ForeSee found that Netflix saw a drop of seven points, or 8%, to a score of 79. This was the largest drop for the companies mentioned in the survey, and it comes following a year of missteps for Netflix, which instituted a dramatic price increase in 2011 and raised the ire of customers by trying to separate its streaming and DVD-by-mail businesses. The average company received a score of 79 in the survey. Tech companies were generally losing ground though with Nasdaq Composite off 0.9%. --Written by Chris Ciaccia in New York >To follow the writer on Twitter, go to http://twitter.com/commodity_bull. >To submit a news tip, send an email to: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV