Most bank technology stocks took a nosedive last week, as investors piled into a bond and equities selloff fueled by rising inflation fears.
Better-than-expected employment statistics released April 5 sent stocks reeling for most the week; the Dow Jones industrial average fell nearly 200 points from Monday through Thursday. But Friday the market rallied, gaining back at least some the week's losses.
In news affecting financial systems companies, Fair, Isaac & Co., a credit scoring systems and consulting firm, announced April 8 that it had filed an application to list its common stock on the New York Stock Exchange.
Officials at San Rafael, Calif.-based Fair, Isaac said its stock has been traded on the Nasdaq National Market since shortly after the completion of its initial public offering in 1987. The company expects the move to the Big Board to take place early in May.
"We believe this move will benefit Fair, Isaac's stockholders by lowering the spread between buy and sell prices and by reducing price volatility, thus enabling the trading price to better reflect the company's real value," said Larry E. Rosenberger, president and CEO. "We are pleased that the company has grown to meet the financial and trading requirements necessary to be listed on the New York Stock Exchange."
Mr. Rosenberger said that the move is "another step in our efforts to enhance stockholder value." He noted that Fair Isaac issued a 100% stock dividend issued in last June, in the equivalent of a two-for-one stock split.
Transaction Systems Architects Inc., a developer of electronic commerce software, saw huge gains in its stock for the second week in row, rising by 38%.
A company spokesman said that there was no recent news to cause the rise, and that market sources had told him that price jumps were mainly due to current stockholders' increasing their positions in the thinly traded stock.
Outsourcing firm Affiliated Computer Services Inc. said it has received a 10-year data processing agreement with Oryx Energy Inc., Dallas.
Financial terms were not disclosed.
Officials at Dallas-based Affiliated Computer said its data center will take over Oryx's current mainframe computer processing operations.
Affiliated will also manage Oryx's Unix-based computers, used in the energy company's engineering applications, officials said.