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American Home Mortgage stock tumbles

NEW YORK
Fri Aug 3, 2007 7:39am EDT
Homes under construction in Perris, California May 2, 2007. Shares of American Home Mortgage Investment Corp. dropped 41 percent before the bell on Friday after the lender announced plans to close most operations, affecting nearly 7,000 employees.

NEW YORK (Reuters) - Shares of American Home Mortgage Investment Corp. AHM.N dropped 41 percent before the bell on Friday after the lender announced plans to close most operations, affecting nearly 7,000 employees.

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The stock fell to $0.85 from a close of $1.45 on the Pacific Stock Exchange. It last traded on the New York Stock Exchange on July 31 at $1.04.
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