Bank technology stocks were mixed last week, reflecting investors' conservative anticipation of second-quarter earnings announcements.

Analysts said June can be a trying time for technology stocks, since it ushers in the first indications of whether annual forecasts will be met.

"You see a lot of downward earnings revisions in the second quarter," said Gregory M. Gould, equity analyst at Goldman, Sachs & Co., New York. "Basically, right now, there is no good news."

With the fiscal quarter nearing an end, "Window dressing becomes a key factor," Gary Craft, an analyst with Friedman, Billings, Ramsey & Co., Arlington, Va.

"There are many stocks that are not offering anything in the way of revenues and/or earnings in the next 12 to 18 months," he said.

The market in general was jittery, on news from the U.S. Commerce Dept. suggesting inflation may rise, analysts said.

Also, a CNN report late Friday that said the Federal Reserve is unlikely to raise interest rates next week, has led to bargain hunting and a late surge for some technology stocks.

The Dow Jones Industrial Average declined tk points for the week , while the technology-laden Nasdaq Composite was down tk.

However, there were some bright spots among bank technology providers, such as Omaha-based Transaction Systems Architects Inc. Neb.

The developer of processing software for credit cards, checks, and electronic funds transfer operations, saw its shares jump $10.75 for the week. It was trading at $67.75 Friday afternoon.

Investors are drawn to the company's "stability," Mr. Gould said. "I think they view this one as a safer technology stock."

In other news, Affiliated Computer Services Inc., Dallas, issued over four million shares of common stock in a public offering led by Bear, Stearns & Co.

Affiliated Computer now has over 15.7 million shares outstanding. It will use the proceeds to repay debt incurred from recent company acquisitions. Its stock was trading at $46.50, Friday afternoon, down more than $4 for the week.

Elsewhere, Pegasystems Inc. of Cambridge, Mass., filed documents with the Securities Exchange Commission for an initial public offering planned for later this year.

Pegasystems develops expert systems for customer service processing for banks, mutual funds, and credit card organizations.

The company expects to offer 3.9 million shares of common stock.

According to a prospectus, the stock is expected to fetch between $12 and $14. Proceeds will be used for new product development and possible acquisitions.

Goldman, Sachs is leading the offering. The co-managers are Cowen and Co., New York, and Montgomery Securities, San Francisco.

Pegasystems had net income of 2.8 million last year. Officials could not be reach for comment on the prospective offering.

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