NEW YORK ( TheStreet) -- Shares of Cavium ( CAVM) fell sharply in late trades on Thursday after the San Jose, Caif.-based networking chip maker lowered its revenue outlook, citing weak enterprise and software services demand.

The company now expects a sequential decline in revenue for its fiscal third quarter of 4%-6% from its second-quarter total of $71.6 million. That implies revenue ranging from $67.3 million to $68.7 million for the three months ending in September. The current average estimate of analysts polled by Thomson Reuters is for revenue of $73.4 million.

"Customer revenues have been weaker than expected this quarter, in the enterprise market as well as recognized software services revenue," said Syed Ali, the company's president and CEO, in a statement. "Sales into the enterprise market were affected by a much larger than expected impact of a hub transition at one of our major customers as well as lower demand from other enterprise customers as they adjust their supply chain inventory due to the softer demand environment."

The stock was last quoted at $27.50, down 12%, on volume of nearly 300,000, according to Nasdaq.com.

Cavium plans to release its results on Oct. 31. Wall Street's current forecast is for earnings of 33 cents a share in the quarter. The shares fell 6.2% to $31.91 in Thursday's regular session, and are down more than 30% so far in 2011.

TIBCO Software

TIBCO Software ( TIBX) got a boost in the extended session as strong growth in licensing revenue led to a solid upside profit surprise in the company's fiscal third quarter.

The stock jumped 5% to $22 on volume of more than 200,000 after TIBCO posted non-GAAP earnings of $39.4 million, or 23 cents a share, on revenue of $229 million for the three months ended Aug. 28. The average estimate of analysts polled by Thomson Reuters was for a profit of 21 cents a share in the quarter on revenue of $220 million.

License revenue swelled by 29% year-over-year to $90.9 million in the quarter, while service and maintenance revenue grew $138.1 million from $113.9 million a year earlier. The cloud computing company said its customers included companies in the financial Services, telecommunications, government, energy, manufacturing, life sciences, and retail industries.

Based on TIBCO's regular session closing price of $20.97, the stock is up 8.5% so far in 2011, bucking the action in the broad market.

Hewlett-Packard

The axe finally fell after Thursday's closing bell as Dow component Hewlett-Packard ( HPQ - Get Report) named Meg Whitman as its new chief executive officer, removing Leo Apotheker after less a year on the job.

The stock was down 20 cents, or 0.9%, to $22.60 on after-hours volume of more than 800,000, according to Nasdaq.com.

HP also expressed some caution about its fiscal fourth-quarter revenue, saying it's seeing softness in consumer spending.

"We are fortunate to have someone of Meg Whitman's caliber and experience step up to lead HP," said Ray Lane, who was made executive chairman of the board. "We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead."

Apotheker had joined HP late last September after being at SAP ( SAP), and has been criticized for a muddled leadership approach, recently announcing plans to discontinue the WebOS operating system and possibly spin off the company's massive personal computer unit, while embarking on the costly acquisition of British software firm Autonomy for $10.3 billion in late August.

Other stocks seeing action in late trades included fellow Dow component McDonald's ( MCD - Get Report), which got a slight boost after announcing plans to boost its dividend by 15%; and Nike shares rose nearly 6% after the sneaker giant sprinted past Wall Street's profit expectations for its fiscal first quarter.

-- Written by Michael Baron in New York.

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