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Shares of

Siebel Systems


set a 52-week low Friday amid concerns about the software maker meeting its revenue numbers for the September quarter and mixed comments about its products at a rival's analyst day.

Shares of Siebel fell to as low as $6.50, down 13.4% from Thursday's close of $7.51, before moving up to close Friday at $7.01, still down 6.7%. Shares rose to $7.10 in after-hours trading. The company's previous 52-week intraday low, set Aug. 14, was $7.40.

While rumors circulated Friday about how much -- or little -- business that Siebel has closed with just 10 days remaining in its third quarter, Bear Stearns analyst Chris Kwak issued a cautious note on the company.

Kwak wrote that he believes Siebel can scrape the low end of the range of its license-revenue guidance for the quarter, which is between $145 million to $180 million. But Kwak said his estimate of $154 million and the street estimate of $151 million "appear optimistic." Kwak has an underperform rating on Siebel, and his firm hasn't done banking with the company.

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Comments made by a Bank of America executive Thursday at the

J.D. Edwards


analyst day also may have been putting pressure on Siebel shares. Bank of America reported selecting

J.D. Edwards


over Siebel for CRM software in its financial services division. The reason: After inviting potential vendors to create a pilot version, J.D. Edwards met the test in six days while Siebel took 50 days, according to Pat Walravens, an analyst at JMP Securities who attended the J.D. Edwards event.

Bank of America also reported that two years after its retail division selected Siebel's CRM solution, it still has not piloted the product. Walravens has a market underperform rating on Siebel and his firm hasn't done banking with the company.