There are stocks that are ahead of when retail will buy and stocks that are ahead of mass insider and institutional selling and retail has abandoned. CRM is the latter. Insiders are selling and will sell a lot more and that will turn into a downward spiral as key employees want money instead of stock.
Let's stick to what was projected by some and what really happened today:
1.CRM didn't trade at 160+
2. Call options that expired today and were at the 160 strike price were worthless. I don't know about 160 puts that expired today, but I know that further dated 160 puts did very well. Also, it seems that CRM's bounce at the end of the day kept back off on its rallies. At least so far, my comment yesterday about 158 being the top held once CRM had it's pre-market bounce and beginning of trading day move down. There was no bounce back above 158 this afternoon.
So FBR recommended CRM by not mentioning earnings (losses have increased) and by not mentioning 2013 or even 2014, They have a long time to change that "recommendation." What price will CRM trade at when the downgrades begin?