What happened
Salesforce bottomed in late June, down more than 40% YTD on fears AI agents would kill traditional software subscriptions. August Q2 earnings beat expectations, sending shares from $205 to $252 — up over 22%.
Why it matters
The stock now sits near $230, still down nearly 10% YTD, as investors remain unconvinced legacy SaaS can grow through an AI overhaul of enterprise software — an unresolved debate leaving shares range-bound.
What to watch
ServiceNow reports earnings October 27, inside the trade's window. Salesforce has a documented history of moving in sympathy with ServiceNow, so a sharp move there could pull Salesforce along.
WHO IT HITSOptions traders assessing neutral strategies on Salesforce face a key catalyst on October 27 when ServiceNow reports earnings, since Salesforce has a documented history of moving in sympathy with ServiceNow shares.
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