Bank Technology Stocks Slip, Rally As Markets Drop

Capping a mixed week, bank technology stocks ended a volatile day in the market with a rally late Friday.

The Dow Jones industrial average dropped 82 points for the week to close at 7,756.29. The technology-heavy Nasdaq Composite closed at 1,524.7, down 11.9 points. Goldman, Sachs & Co.'s index, which lists many bank technology companies, was unchanged at 138.75 points.

In news from bank technology companies, Electronic Data Systems Corp.'s stock rose $4.125, to $42.5625, after positive reports from UBS Securities and Deutsche Morgan Grenfell Inc.

The Plano, Tex.-based technology company recently took measures to improve internal accountability, performance tracking, and accounting.

Mark Wolfenberger, analyst at Deutsche Morgan Grenfell, raised the company's target price to $47 from $40 and said he is optimistic about its next-quarter results.

Meanwhile shares of Intelidata Technologies Corp. fell 25 cents, to $1.50. The Herndon, Va.-based software vendor said it will divide the management of its two main business lines, financial services and telecommunications. The move is an attempt to bolster its stock, which has languished for most of 1997.

Intelidata also announced plans to sell its interactive services unit. NationsBank Montgomery Securities Inc. will be the financial adviser on the sale.

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