As the "rational" market plunged today, CCI covered the short position in CRM at $130.
This specific transaction gained about 11% and the gain on overall short trades around CRM is now 17.7%.
A small spot of green in a sea of red. CRM has basically just dropped with the market and not broken down more on company specific issues which was the primary motivation for taking the position. However, in a decline like the past week it seems prudent to take advantage of whatever hedges were in place.
CRM earnings are 8/18. If (a big if) the stock rallies before then, we may re-invest these gains in a short option play around the earnings date.