Bank technology stocks continued their collective ascent to new heights last week, even as investors sold many blue-chip issues.
Despite some profit taking Thursday and Friday, shares of many technology firms that do significant business with banking firms held fast to gains they made earlier in the week. (This week's bank technology stock chart appears on page 26.)
Affiliated Computer Services Inc. said Thursday it has won a five-year systems outsourcing contract with the American Medical Association. Financial terms were not disclosed.
Officials said the company will take over the AMA's mainframe data processing operations, moving it to Affiliated Computer's facility in Dallas.
As part of the deal, Affiliated Computer will also support the association's internal software development for financial, human resource, data base management, and other applications.
American Management Systems Inc. announced last week a three-for-two stock split, the company's sixth share redistribution since 1985.
Company officials said the stock split will be effective Jan. 5 for stockholders of record as of the close of business on Dec. 15.
Fairfax, Va.-based American Management Systems, a software developer and systems integrator, currently has about 26.6 million shares outstanding. Its last stock split was in October 1994, also on a three-for-two basis.
A Transaction Systems Architects Inc. subsidiary announced last week it had sold software licenses to Canadian Imperial Bank of Commerce and Checkfree Corp. for home banking applications. Value of the software contracts were not disclosed.
Toronto-based Canadian Imperial agreed to license two software packages from Applied Communications Inc., one for automated telephone banking and the other for electronic bill payment.
Third-party payment processor Checkfree, based in Columbus, Ohio, has also licensed the telephone banking system, Applied Communications officials said.