Commentary: Computer Associates: You Call That Change?

On Aug. 7, when software giant Computer Associates International Inc. announced that its controversial CEO Charles B. Wang would step down, and that the company would spin off a handful of business units, investors yawned. CA's stock rose only a fraction, and by Aug. 9 it had dipped back to 25 7/16--down about two-thirds from its peak of 75 in January. As Deutsche Banc Alex. Brown analyst W. Christopher Mortenson said, "A lot more needs to happen."

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