Bank technology stocks treaded water last week, as investors speculated on the strength of first-quarter profits.
While the technology-laden Nasdaq index rose slightly last week, Wall Street fretted over first-quarter results many analysts say will be weak, especially in the cutthroat personal computer business.
In news affecting financial systems firms, outsourcing company Affiliated Computer Services Inc. raised $72 million in a secondary stock offering Tuesday.
The Dallas-based firm, which went public less than two years ago in offering priced at $16 a share, announced the public offering of 1,813,292 shares of common stock at a price of $40 per share. Of the total, 1,800,000 shares were offered by the company and the remainder by selling stockholders.
Hambrecht & Quist LLC served as lead manager of the underwriting group; Bear, Stearns & Co. and Donaldson, Lufkin & Jenrette served as co-managers.
Officials said proceeds from the stock sale will be used to repay debt, and for working capital and general corporate purposes, including potential acquisitions.
Another firm in the systems management business, Total System Services Inc. announced a two-for-one stock split of its common stock, news that sent its share price up sharply on Friday.
The stock spilt will be issued on April 22 for shareholders of record as of April 11.
"The market has recognized Total System Services as a unique, value- added company that consistently performs at the highest levels in our industry, handsomely rewarding our shareholders," Richard W. Ussery said in a statement. "This split, our fourth two-for-one in the last 10 years, will increase the number of shares outstanding and better reflect the historical trading range of our stock."
Columbus Ga.-based Total System, a leading processor of credit card accounts for banks, is 80.8% owned by Synovus Financial Corp. Total System's stock was trading at $41.75 a share late afternoon Friday, up $6.50 for the week.
Montgomery Securities raised its 1996 earnings estimate for National Data Corp. after the payments processor reported earnings for its third fiscal quarter of 1996 that slightly exceeded analysts' forecasts.
Atlanta-based National Data said it had net of income of $6.4 million for the three months ended Feb. 29, compared with earnings of $3.9 million in the year-earlier period.