Benzinga | Dec 23, 2020 06:55PM EST

Why Joe Terranova Sold His Salesforce Shares

On CNBC's "Fast Money Halftime Report," Joe Terranova said he had to sell Salesforce.com, inc. (NYSE:CRM) to raise capital to buy some other stocks. His decision is not about Salesforce being a bad business. He believes in the stock and it screens very high on his quality momentum index. He said he is pairing back the holding because he bought the stock too aggressively, too high.

Terranova is sure over the course of time Salesforce is going to move higher, but he decided to buy stocks that should work better in the near time. He bought Sensata Technologies Holding PLC (NYSE:ST), CNX Resources Corp (NYSE:CNX) and Capital One Financial Corp. (NYSE:COF).