Behind Salesforce Stock's Post-Earnings Slide

CRM is brushing off upbeat first-quarter results as well as several bull notes

Deputy Editor
Jun 1, 2023 at 3:46 PM
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Salesforce Inc (NYSE:CRM) is at the bottom of the Dow today, down 3.8% to trade at $213.94 at last glance. The company announced its slowest revenue growth since 2010 as companies cut back on cloud-based software offerings. This news has the stock brushing off its better-than-expected first-quarter results and no fewer than 16 price-target hikes from analysts.

Falling from last session's more than one-year high of $225.00, Salesforce stock is still up an impressive 62.1% year-to-date. The shares are also well above recent support at the 40-day moving average. 

CRM June1

So far today, 166,000 calls and 89,000 puts have been exchanged, which is 4.4 times the usual daily volume. The weekly 6/2 220-strike and 215-strike calls are the most active contracts, with new positions being opened at both. 

Options bulls were targeting CRM leading up to the earnings event as well. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the stock's 10-day put/call volume ratio of 1.95 ranks higher than 84% of readings from the past year. 


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