Bank Technology Stocks in Decline During Down Week for the Markets

Bank technology stocks were down slightly in a week of lower prices in the general markets.

The Dow Jones industrial average lost 384.62 points for the week to close Friday at 7580.42. The Nasdaq composite index was down 78.4 points and closed at 1503.1. The Goldman Sachs technology index, which lists many bank vendors, was off 9 points and closed at 137.52.

In news affecting bank vendors, Electronic Data Systems Corp. announced last week that its chief financial officer, Joseph M. Grant, plans to retire March 31. The company already has begun searching for a successor.

Shares of EDS, which is based in Plano, Tex., lost 31.25 cents and closed at $43.6875 Friday.

Shares of Computer Sciences Corp., which is based in El Segundo, Calif., dropped $4.3125 Friday and closed at $83.6875.

Lehman Brothers cut its rating on the company Friday from "buy" to "outperform."

In other news, card processor Total System Services Inc. reported 1997 net income of $47.5 million, or 37 cents per share, up 20.4% from 1996.

Shares of the Columbus, Ga.-based company lost $1.25 and closed at $24 for the week.