UPDATE 2-Broadcom drops Emulex takeover bid

* Broadcom is ceasing all Emulex buyout efforts

* Emulex rejects Broadcom's sweetened offer

* Emulex puts Q4 guidance at high end of range

* Emulex shares fall 13 percent, Broadcom rises 3 pct

(Adds Broadcom comment, analyst comment, background, share price)

NEW YORK, July 9 (Reuters) - Chipmaker Broadcom Corp (BRCM.O) withdrew its recently sweetened $912-million bid for Emulex Corp (ELX.N) on Thursday after the storage technology company rejected the bid as too low.

Shares in Emulex fell 13 percent after it announced the rejection on Thursday, while Broadcom share rose nearly 3 percent after it dropped its bid, which was originally intended to expand the chipmaker's position in a growing market.

Last week, Broadcom had raised its cash bid to $11 a share from $9.25 per share and dropped its hostile consent solicitation and a lawsuit against Emulex, in what it called a final effort to buy Emulex.

But after the rejection, Broadcom said it would turn its attention to enterprise networking technology. Analysts have said that Broadcom could buy a different company, such as QLogic Corp (QLGC.O), if its bid for Emulex fails.