Bank Tech Stocks Mixed As Market Dips

Bank technology stocks had a mixed run last week, as the general market continued its slide from summer highs.

The Dow Jones industrial average lost 79.44 points for the week to close at 7,742.97. Meanwhile Goldman, Sachs & Co.'s index of U.S. traded technology stocks, which lists many bank technology companies, lost 3.65 points to close at 159.5.

Among the stock moves worthy of note, shares of First Data Corp. dropped $3.3125 for the week to close at $36.875 Friday.

The Hackensack, N.J.-based provider of card processing and other bank technology services had been downgraded by Morgan Stanley, Dean Witter, Discover & Co. analyst David M. Togut to "outperform" from "strong buy."

The downgrade was based on slow growth at some of First Data's smaller business lines, such as those providing processing services to utilities and to health care companies.

Computer Sciences Corp. shares also lost ground, dropping $2.75 to close at $72.625 on no notable news.

Meanwhile Bisys Group Inc. lost $1.75 for the week to close at $33.125.

The Little Falls, N.J.-based company announced last week a partnership with Computer Services Inc. of Paducah, Ky., to provide services that will streamline banks' loan processing. The partnership is expected to let banks deliver loan decisions within seconds of submitting application data.

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