Bank technology stocks were mostly lower last week, as the market overall swooned early on inflation fears, but then recovered slightly Friday.
While most systems companies with significant business in banking fell on investor's fears of rising interest rates, a handful of firms rose on positive earnings news.
Credit card processor Total System Inc., which has seen its stock rise noticeably in the past three weeks, reported higher revenues and earnings results for the third quarter of 1994.
The Columbus, Ga.-based company showed third-quarter net income of $5.7 million, or 9 cents a share, up from $5.2 million, or 8 cents per share, in the corresponding quarter of 1993.
Revenues were $47.9 million, up 23.6% from the $38.8 million booked in the third quarter of last year.
"We are extremely pleased with our performance for the third quarter and the first nine months of 1994," said Richard W. Ussery, chairman and chief executive of Total System, which is 80.8% owned by Synovus Financial Corp.
"Our revolutionary new cardholder software, TS2, is now in production with the successful conversion of First Omni Bank," Mr. Ussery added. "We look forward to the challenges and opportunities in our future with excitement and anticipate continued strong performance in 1994."
Total System's common stock closed at $17.75 a share Friday, up $1.875 for the week.
Another payment processor, Envoy Corp. was given a boost when Piper Jaffray Inc. said it had upgraded Envoy to "buy."
Piper said it was optimistic about Envoy because the company is set to more actively pursue electronic benefits-transfer programs.
The brokerage house said 16 states and the District of Columbia were expected to put out for bids to institute EBT systems for welfare and other public-assistance programs.
Nashville-based Envoy's common stock closed at $20.50 a share Friday, up $1.50 for the week.
National Data Corp. announced last week that it had ended talks regarding its planned acquisition of General Computer Corp.
Atlanta-based National Data said the pending deal was aborted after the two parties failed to reach agreement on a purchase price.
National Data's common stock closed Friday at $20.375 a share, down $1.125 for the week.
