Riding the bulls stampeding down Wall Street, bank technology stocks saw impressive gains last week, with many reaching or nearing 52-week highs.
Stocks overall were lifted by investor enthusiasm after the Federal Reserve decided on Thursday to cut its rates on overnight loans to banks by one-quarter of a percentage point, to 5.75%.
The Dow Jones industrial average, up more than 100 points in the first three sessions of last week, added 38 points Friday to top the 4,700 level, another record.
Lehman Brothers Inc. said Friday that it had initiated coverage of First Data Corp. and First Financial Management Corp. with "buy" ratings.
The two companies, which provide information processing services such as merchant credit-card authorizations, agreed to merge last month.
Hackensack, N.J.-based First Data's common stock closed at $56.75 a share Friday, down 12.5 cents for the week.
Atlanta-based First Financial closed at $84 per common share Friday, down $1.50 for the week.
Bank systems integrator Broadway & Seymour Inc. announced Wednesday that it had completed the previously announced sale of its community banking business to Jack Henry & Associates Inc. of Monnett, Mo.
The sale price is expected to be $12 million, including $2 million for the net assets of the community banking unit, $4 million for a license for certain software delivered at closing, and $6 million to be earned over the next 12 months for marketing, management and other transitional fees to be provided by Charlotte, N.C.-based Broadway & Seymour, officials said.
Broadway & Seymour's common stock closed at $21.25 a share Friday, up 50 cents for the week.
Jack Henry's Nasdaq-listed stock closed Friday at $15.25 a common share, up 62.5 cents for the week.
Trust systems supplier SEI Corp. announced last week that its board of directors had authorized another $25 million to be used for the repurchase of the company's stock. The last such authorization was announced in May 1994 for $20 million.
Wayne, Pa. based SEI also announced last week that Richmond, Va.-based Crestar Bank has extended its agreement for SEI's trust and securities accounting software for another five years to support its over-$30-billion- asset trust business.
SEI's common stock closed at $23.875 a share Friday, up $1.375 for the week.
Prudential Securities said Wednesday that it had downgraded credit scoring systems developer Fair, Isaac & Co. to "hold" from "buy."
Common stock of Fair, Isaac, which is based in San Rafael, Calif., closed Friday at $30.25 a share, up 50 cents for the week.
