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Siebel's Surprise Sets Backdrop for New CEO
Shares of Siebel Systems(SEBL Quote) rose strongly Monday after the business software maker said sales in the just-closed third quarter will be stronger than expected.
The timing of the announcement couldn't have been better for newly anointed CEO J. Michael Lawrie, who kicked off the company's annual user convention in Los Angeles just hours after the news hit the wires.
In recent trading, shares of the San Mateo, Calif., company gained $1.26, or 15.4%, to $9.45 on very heavy volume. The upside reaction was all the greater because several analysts said on Friday they were expecting Siebel to announce that it would undershoot its targets for the September quarter. ...
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