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Technology Stocks : Siebel Systems (SEBL) - strong buy? -- Ignore unavailable to you. Want to Upgrade?

To: Lee L. who wrote (2950)	7/20/1999 1:26:00 PM
From: Wizard	Read Replies (2) \| Respond to of 6974

I don't know the 'related parties' the 10Q is talking about but Siebel has always had an aura of aggressive accounting and they have always subsequently blown away estimates so go figure. They are recognizing revenue on sales to unused USIX capacity which could be seen as a negative except you could say that apps hosting is just getting going such that a lot of apps hosters will be buying Siebel software. Software companies receivables are very important. If Siebel's DSO's rise from 99 days, the stock would likely suffer a sharp correction. However, I don't know if a DSO rise would be a very good indicator with respect to Siebel's subsequent quarter because Siebel's business isn't really about linear sales within a quarter. Its about huge deals late in the quarter and Siebel has proven to be an expert at such. Each quarter is risky but that is a fact of life and I think SEBL is better situated than most.