NEW YORK (

TheStreet

) -- Shares of

CA Technologies

(CA) - Get Report

surged in Tuesday's extended session after the provider of IT management software and services announced a trifecta of good news.

The company said it's boosting its annual dividend by 25% to $1 per share from 80 cents a share, that it plans to buy back up to $1.5 billion worth of its common stock, and also beat Wall Street's earnings expectations by nearly 20% in its fiscal third quarter ended in December.

CA said its board has approved a capital allocation program that's targeting the return of up to $2.5 billion to shareholders by March 2014.

The stock was last quoted at $26.55, up 16.4%, on volume of 2.4 million, according to

Nasdaq.com

. Based on Tuesday's regular-session close at $22.82, the shares were down nearly 12% in the past year.

"We are committed to delivering enhanced shareholder value through a significant return of cash directly to shareholders balanced with continued investment in our future to further improve our strategic market position and deliver superior mainframe, enterprise and cloud solutions and services to our customers," said Bill McCracken, the company's CEO, in a statement.

For its third quarter ended Dec. 31, CA reported non-GAAP earnings from continuing operations of $319 million, or 65 cents a share, on revenue of $1.26 billion. The average estimate of analysts polled by

Thomson Reuters

was for a profit of 54 cents a share in the quarter on revenue of $1.21 billion.

Wall Street was a bit skeptical about CA ahead of the report with 9 of the 15 analysts covering the stock rating it a hold, and the 12-month median price target sitting at $24.50.

Apple

A frenzy of buying in late trades was pushing

Apple

(AAPL) - Get Report

past

Exxon Mobil

(XOM) - Get Report

in the race for world's largest company.

Following a

blowout performance

in its latest quarter, shares of the iconic tech giant were last quoted at $452.99, up 7.8%, on volume of 5.7 million.

At that level, Apple's market cap is roughly $422 billion, ahead of Exxon's at $418 billion as of Tuesday's close.

Apple reported earnings of $13.06 billion, or $13.87 a share, on revenue of $46.6 billion for its fiscal first quarter ended Dec. 31. Analysts polled by

Thomson Reuters

were looking for a profit of $10.15 per share on just over $39 billion in revenue in the period.

The Cupertino-based company sold 37.04 million iPhones, 15.43 million iPads, 5.2 million Macs, and 15.4 million iPods during the holiday quarter. Gross margins during the quarter were 44.7%, compared to 38.5% a year ago.

The euphoria was such that investors were even snapping up shares of companies associated with Apple such as

Skyworks Solutions

(SWKS) - Get Report

, rising 6% to $22.06 on volume of less than 200,000;

ARM Holdings

(ARMH)

, gaining 4% to $28.30 on volume of more than 50,000;

TriQuint Semiconductor

(TQNT)

, adding 7.6% to $6.24 on volume of nearly 200,000;

Cirrus Logic

(CRUS) - Get Report

, surging 7% to $23.35 on volume of more than 140,000;

Nuance Communications

(NUAN) - Get Report

, up 5.2% to $29.45 on volume of nearly 190,000; and

Broadcom

(BRCM)

, advancing 4.2% to $36.70 on volume of 635,000.

Fusion-io

Shares of

Fusion-io

(FIO)

fell almost 14% to $26.10 on volume of nearly 1 million after its quarterly report.

The Salt Lake City cloud computing company reported non-GAAP earnings of $5.6 million, or 5 cents a share, for its fiscal second quarter on revenue of $84.1 million, beating Wall Street's expectation for a profit of 3 cents a share on revenue of $75.8 million.

The company said it sees revenue of $85 million in its fiscal third quarter ending in March vs. the consensus view of $79.1 million.

Fusion-io went public over the summer, initially pricing its stock at $19 per share.

--

Written by Michael Baron in New York.

>To contact the writer of this article, click here:

Michael Baron

.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.