Siebel Systems (SEBL) was up 11.9% in late afternoon, after W.R. Hambrecht initiated coverage on the stock with a buy recommendation and a price target of $60.

Tuesday,

SG Cowen

initiated coverage with a strong buy recommendation.

Siebel also benefited from strong results by e-business software company

BEA Systems

(BEAS)

, which Tuesday beat estimates with its quarterly results and raised its earnings guidance for 2001. BEA was up 9.4%.

Mercury Interactive

(MERQ)

, maker of monitoring and testing software, also benefited from BEA's performance, rising 13.6%.