The first shoe dropped when Kodak hired Jones Day, a law firm that specializes in helping firms facing bankruptcy, according to the Christian Science Monitor. An article in the influential Wall Street Journal prompted jittery investors to dump their Kodak stock, driving it down to only 78 cents per share. The panic mode did not end until management announced that it had no immediate plans to file for bankruptcy protection.
Then there's the CNBC article that describes how bankruptcy fears caused American Airlines stock to drop by 40%, closing at $1.98. This is the first time since 2003 that the shares have dropped below $2.