Skip to content
Subscriber Only

Huge Swings in Options-Overrun Stocks Leave Manager Baffled

  • Nancy Tengler was mystified when Salesforce surged in August
  • Big options positions are a common theme in the summer rally
Trading On The Floor Of The NYSE AS Dollar Advances
Photographer: Michael Nagle/Bloomberg
Updated on

Nancy Tengler has managed money for 35 years. She’s confident in her positions. When one of her companies reports good earnings, she expects it to go up.

But nothing prepared her for what happened on Aug. 26 in Salesforce.com Inc., when its quarterly results ignited a paroxysm of buying that pushed the shares 26% higher in a day.