DBX Dropbox Inc

$DBX Boy the options on DBX blow nowadays. I bought OCT 2 $33 calls for $45 yesterday when the stock price was $32.50. Today they are only $88 each even though I am $.35 above my breakeven with two days left. What the absolute fuck is this garbage.

$DBX Citi cut Dropbox to Sell from Neutral on Thursday, price target to $29 from $33. Stock fell about 5% to ~$32.30. The argument, from analyst Steven Enders: the AI opportunity is real but "premature." Dropbox ran from ~$21 in April to ~$34, and Enders puts the Pillar 3 AI-storage pivot at about $3 a share. The rest of the run is investors pricing in a future that hasn't arrived. Core file-sync has at least stopped shrinking. Not shrinking is not growing. Enders says the Backblaze-CoreWeave deal supports the idea that AI storage demand can live on third-party capacity, but those aren't the type or scale of deals Dropbox is likely to land.

$DBX - institutions are hedged, that's the bulk of short interest. If the 2026 700 million convertible notes with a conversion price of $38.25 stays above it, institutions might start covering their short position now prior to conversion ... Because the circumstances are somewhat different in every case (debt, cash flow, guidance, etc.), I never fully understood the motive that fuels its price movement ... hard to say how the MM/Specialist will handle this....