Reading the Market: First Horizon Corp / 5.4.23

On the morning of Thursday, May 4, First Horizon Corp (FHN) stock plummeted over 40% since the previous close due to the termination of a merger agreement with Toronto-Dominion Bank.

MarketReader captured this news immediately when it hit the market at 6 am ET. Our system detected the unusual move and automatically attributed it to the termination of the merger based on information from social media. It returned the following AI-generated summary following FHN’s 35.5% drop between 6:00-6:10 am:

“TD Bank and First Horizon Corp have mutually agreed to terminate their merger agreement. As a result, First Horizon’s stock has dropped over 40% in pre-market trading. The company is now down by more than 44%.”

On the morning of Thursday, May 4, First Horizon Corp (FHN) stock plummeted over 40% since the previous close due to the termination of a merger agreement with Toronto-Dominion Bank. </p>
<p>MarketReader captured this news immediately when it hit the market at 6 am ET. Our system detected the unusual move and automatically attributed it to the termination of the merger based on information from social media. It returned the following AI-generated summary following FHN’s 35.5% drop between 6:00-6:10 am: </p>
<p>“TD Bank and First Horizon Corp have mutually agreed to terminate their merger agreement. As a result, First Horizon's stock has dropped over 40% in pre-market trading. The company is now down by more<br />
than 44%.”

News outlets slowly began to cover the news this morning, such as the Wall Street Journal with an article published a full hour after the move at 7:08 am ET. 

Zooming out to view the major moves among banks with market caps exceeding $1bn, MarketReader’s Smart Screener showed a number of banks under pressure, with the biggest mover being FHN with a loss of 51.2% shortly after the news broke:

MarketReader Financials Sector 5.4.23

Our team provided timely updates on developments with First Horizon Corp on Twitter. To ensure you don’t miss future updates, follow us and enable notifications to your device.

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