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%.”
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:
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.