CRM paying for massive PR isn't a match against hedge funds.
Several months ago, CRM dropped to near 120 (now near 30) after an "attack" by at least one hedge fund. A hedge fund manager (Whitney Tilson that time) came on t.v. and said very negative things that may have helped propel CRM down. Who will do that this time and how far down with they stick with it. That time it occurred despite being in an upward oriented market. Now, with some stocks having really good reports, stocks with marginal reports don't face as welcoming a buying situation. Now, after more quarters and no GAAP earnings, for some the question goes from "when" will there be earnings to whether CRM will have earnings for people who aren't insiders. The positive effect of CSCO's earnings may have been the catalyst that pushed CRM up, but that won't last, IMHO.