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To: Glenn D. Rudolph who wrote (119625)	3/7/2001 8:56:38 PM
From: H James Morris	Read Replies (1) \| Respond to of 164684

Good question on Sebl. I was thinking the same myself although I did buy some Sebl recently. My advice is just keep it on your radar screen, and lets see how Sebl plays out in the next month or 2. >CHICAGO, March 7 (Reuters) - Puts were busy on Wednesday in options of Siebel Systems Inc. (NASDAQ:SEBL), one day after two Wall Street firms cut ratings and estimates for the No. 1 provider of front-office software. Implied volatility for the out-of-the money April 22.5 puts stood at around 120 percent, down about 3 to 5 percentage points from Tuesday, said designated primary market maker Anthony Carone with Cloch Trading at the Chicago Board Options Exchange. "The put activity has definitely increased," Carone said. Near midday, roughly 5,775 calls and 28,677 puts changed hands combined across the four U.S. options exchanges, according to Track Data. Wednesday's brisk volume was in line with Tuesday's combined tally of 39,896 contracts posted by Track Data but above its recent average daily 10-day volume of about 20,147 contracts. Among the busiest were the April 22.5 puts, which slipped 1/4 to 1-5/8 on interexchange volume of about 23,139 contracts and open interest of 35 as of 11:22 a.m. CST (1722 GMT). The market maker noted some institutional put selling, possibly on the belief that the underlying stock is bottoming. Shares of Siebel Systems rose $1-3/4 to $30-3/4 on the Nasdaq market close to midday trading after reaching a 16-month low on Tuesday. On Tuesday, Credit Suisse First Boston said it was cutting its 2001 and 2002 earnings estimates for Siebel, which makes software that helps businesses manage their relationships with customers. Merrill Lynch said on Tuesday it was lowering its rating on Siebel to neutral from accumulate and cutting its earnings-per-share estimate for 2001 to 66 cents from 70 cents. On Monday, Siebel said its senior vice president of sales, Tom Hogan, had resigned to take up the position of president and chief operating officer of Vignette Corp.