The company held a press conference at noon, but was unable to salvage its stock, leading to heavy losses in  rest of the financial sector. Cheif Financial Officer Sam Molinaro remarked that the credit market was in the the worst condition he had seen in 22 years. American Express shares fell 5.6\%, while homebuilder Hovnanian Enterprises fell 9.4\% in the sell-off which impacted all the indexes. American Home Mortgage Investment Corporation shares fell 52.07\% in the session after announcing plans to close most operations and lay off over 6000 employees. The company have also lost their lending license in four states including New York.
The company held a press conference at noon, but was unable to salvage its stock, leading to heavy losses in the rest of the financial sector. Chief Financial Officer Sam Molinaro remarked that the credit market was in the the worst condition he had seen in 22 years. American Express shares fell 5.6\%, while homebuilder Hovnanian Enterprises fell 9.4\% in the sell-off which impacted all the indexes. American Home Mortgage Investment Corporation shares fell 52.07\% in the session after announcing plans to close most operations and lay off over 6000 employees. The company has also lost its lending license in four states including New York.
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