Bank Holdup On At Ms
The wave of bank megamergers should be a boon for Diebold, a top maker of automated teller machines. In theory, banks that merge and close branches will order new ATMs. But on May 22, Diebold said second-quarter earnings would fall short of analysts' projections of 49 cents to 50 cents per share. By May 27, its stock was at 30 3/4, down 23%. Diebold says merging banks are adding ATMs slowly while they sort out their holdings. And they're spending tech dollars fixing Year 2000 glitches instead of on ATMs.