First Horizon National falls 24% to new low for year
First Horizon National Corporation (NYSE:FHN) is down more than 24% today to hit a new low for the year. The Memphis-based bank holding company is among many financial stocks down on jitters in the mortgage and financing industry, largely due to concerns on mortgage insuring giants Fannie Mae (NYSE:FNM) and Freddie Mac (NYSE:FRE). First Horizon is down more than 71% since January and fell to a low for the year at $4.52 shortly after today’s open. The stock has rebounded some to reach $5.09 at 12:50 p.m. ET, down $1.61 from Friday’s close. Volume is double the average at more than 12 million shares.
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