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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.
NEW YORK (
Google(GOOG - Get Report) shares stood out Wednesday amid weakness in the broad market as shares of the Internet giant gained 0.3% to $642.17.
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.
Cavium Networks(CAVM - Get Report) 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 - Get Report) 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.
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
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