The homotopy fixed points of the circle action on Hochschild homology

We show that Connes B-operator on a cyclic differential graded k-module M is a model for the canonical circle action on the geometric realization of M. This implies that the negative cyclic homology and the periodic cyclic homology of a differential graded category can be identified with the homotopy fixed points and the Tate fixed points of the circle action on its Hochschild complex.