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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (56186)	11/15/2002 1:08:40 PM
From: Dealer	Respond to of 65232

Boy! BEAS sure looks good today: From Briefing: 16:08 ET BEAS BEA Systems beats by a penny (9.04 +0.41) Reports Q3 (Oct) earnings of $0.07 per share, $0.01 better than the Multex consensus of $0.06; revenues rose 6.6% year/year to $234.0 mln vs the $225.6 mln consensus. SEBL info from Briefing.com: 11:57 ET SEBL Siebel Systems: barter deals may have inflated earnings, target $5 - Fulcrum (7.83 -0.32) Fulcrum believes that the SEC's investigation of a VRTS barter deal with AOL could turn to SEBL as well; firm questions the quality of license rev at SEBL due to the increasing levels of barter agreements, noting that over the past year, barter rev as a percentage of license rev has risen from 4% to 18%; furthermore, firm estimates that SEBL's 2002 EPS is inflated by 33% due to barter deals. Reiterates SELL rating and $5 price target.