By Dan Gallagher
SAN FRANCISCO (MarketWatch) -- Shares of Electronic Arts Inc. EA +11.92% jumped more than 12% to $20.64 -- setting a new 52-week high -- after the videogame publisher issued an earnings forecast for the full 2014 fiscal year that was ahead of Wall Street's expectations. The forecast came during the company's earnings report for its fourth fiscal period on Tuesday afternoon. EA said it expects to keep its operating costs flat in the current year, as higher spending to develop games for the new up-coming Xbox and PlayStation consoles is offset by cost reductions elsewhere. Doug Creutz of Cowen & Co. called the forecast "a bit of a shocker to us" and wrote in a note to clients that "we think this is a clear signal that EA is finally serious about driving margins meaningfully higher."
