Robert Stimson Oracle Quotations

We expect Oracle to immediately execute a round of layoffs targeted at Siebel's back-office and administrative employees.

We estimate that Oracle will have to cut Siebel's operating costs by approximately...$350 million to $400 million in order to meet its previously stated accretion goals.

We believe that this latest round of price cuts may be indicative of pricing pressure Oracle is experiencing from low-cost database alternatives such as Microsoft's newly released SQL Server 2005 and open-source offerings.

We believe Oracle will have to cut Siebel's operating expenses by approximately 30 to 40 percent (or roughly $350 to $400 million) in order to meet previously stated accretion goals.