Computer Associates ( CA) soared on Thursday, after the company reported
better-than-expected results on Wednesday night. The company's stock rose 11.4% to $20.27 on volume of more than 20 million shares, which is seven times the average daily volume. The shares have more than doubled over the last seven months, setting a 52-week high of $21.79 at one point on Thursday. The company said Wednesday that its fourth-quarter loss came in at $106 million, or 18 cents a share, better than last year's loss of $238 million, or 41 cents a share. Revenue rose nearly 4% to $801 million, topping the $795 million expected by Wall Street. Investor optimism also was fueled by positive comments from company management and analysts. Wednesday night, Computer Associates raised its earnings outlook above analyst targets for the first quarter and full year. And on Thursday morning, in response, a number of Wall Street analysts raised estimates and made positive comments.