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

To: prakash who wrote (1277)	3/16/1998 2:45:00 PM
From: Melissa McAuliffe	Read Replies (1) \| Respond to of 6974

Prakash, If I understand this correctly, the ex-date is the date the shares are actually recognized in your account. BUT....if I am not mistaken, you actually have the right to sell those shares on 3/20. So let's say I own 100 shares of sebl and the stock is trading on 3/20 post split at 28. IF I wanted to sell these shares (not that I do) I have to have access to the 200 post split shares. I would think the same is true with the options. Let's say I have written covered calls on these 100 shares. If I want to close this position on Friday it would have to be for 200 shares. The reason I know this is because I went through this late last year where I was trying to either sell stock or close an option position(can't remember which) the day of or day after a split. I use DLJ Direct and the new shares were not reflected in my account because of the ex-date not having been reached. The more I think about it, I believe the options balance reflected the new number of shares but the stock didn't. I couldn't do it online and when I called the broker told me I couldn't do it at all. When I walked him through the above scenario he saw my point after arguing with me for ten minutes. But he had to get someone else involved and eventually they did what I wanted to have done in the first place. This may not sound right but I can only relate my own experience. When you think about it, it makes perfect sense. Won't the stock start trading at the new price on the payable date vs. the ex-date? If so, there is no way this can't be true. Otherwise you could not sell your stock until the ex-date. On a 2:1 split you could only sell half. The same holds true for the options. BTW, glad to see you purchased this a.m. Hoping to see 60+ soon!! Melissa