There has to be a reason. My guess it is technical move having to do with pricing the new issue. All the info from various brokerages, etc., says today's news is supposedly good but they also leave a big unknown out there about the new convertible pricing, dilution, etc. Based on stock move it looks like they are all wrong or some big players are trying to set the price. Maybe they know what it is based on and trying to set it up favorably for themself. Lot of options traded today, too. Especially June. I'm no financial expert (obviously) but it would be nice to understand why it ended where it did today.