Hedge Funds Lose Big After Salesforce.com $CRM Slips Almost 11%

Jim Cramer told “Mad Money” viewers on October 31 that he’d rather bet with Salesforce.com (CRM) than against them (check it out here), explaining that the cloud business is stronger than many give it credit for. Cramer’s comments came just days after T2’s Whitney Tilson told CNBC that he would be shorting CRM (read the story).

It seems Tilson was right, at least in the short term.


Salesforce.com shares slide more than 10% in trading on Friday after its customers billings numbers fell short of analyst estimates. New billings rose 29% during CRM’s third fiscal quarter, missing analyst estimates of 35%. CRM closed trading on Thursday at $126.09. It was trading at $112.37 a share at 3:42pm EST.

The following hedge funds lost the most:

1. Partner Fund Management – Christopher Medlock James: Lost $9.9 million

2. Conatus Capital Management – David Stemerman: Lost $6.8 million

3. Navellier & Associates – Louis Navellier: Lost $6.3 million

4. Criterion Capital – Christopher Lord: Lost $3.9 million

5. Renaissance Technologies – Jim Simons: Lost $2.8 million

6. Alkeon Capital Management – Panayotis \’takis\’ Sparaggis: Lost $2.4 million

7. Fortress Investment Group – Michael Novogratz: Lost $2.3 million

8. Adage Capital Management – Phill Gross And Robert Atchinson: Lost $2.3 million

9. Plural Investments – Matthew Grossman: Lost $2.2 million

10. Sac Capital Advisors – Steven Cohen: Lost $2.1 million

DISCLAIMER: These calculations assume that these hedge funds did not increase or reduce their stock positions in CRM since the end of June. We did not take into account their option positions.