Financial systems stocks mostly rose last week, as investors rushed back into in the banking and technology sectors overall.
Many publicly traded technology companies are joining a bouyant equities market overall, illustrated by the fact the Dow Jones industrial average has risen more than 200 points in the past two weeks.
Generally positive fourth-quarter earnings reports have also help lift share prices, analysts said.
Among the bank technology firms reporting operating results last week, Sungard Data Systems said its fourth-quarter net income was $13.3 million. Excluding a one-time, after-tax charge of $2.9 million for acquisition costs, the Wayne, Pa.-based developer of trust and investment systems earned $16.2 million, a 30% increase over the year-earlier period.
Earnings per share, at 38 cents, represented a 19% jump from the fourth quarter of 1994. Analysts had expected Sungard to earn 37 cents per share in the quarter, according to First Call Corp. Revenues for the period reached $153.9 million, a 28% increase over the year-earlier quarter.
Bisys Group, another big player in the investment services and systems business, said its earnings rose 69% in its second fiscal quarter ended Dec. 31.
The Little Falls, N.J.-based firm said net income for the period totaled $6.9 million, or 28 cents per share, compared to $4.1 million, or 17 cents per share, for the corresponding quarter in 1994. Earnings per share was in line with analyst forecasts, according to First Call.
Bisys officials said revenues for the second quarter reached $55.9 million, a 16% increase over the year-earlier period.