Why First Horizon Stock Rose 13.7% This Week
First Horizon (NYSE: FHN) saw its stock price rise 13.7% this week, as of Friday's opening bell, according to S&P Global Market Intelligence. The stock had been up as much as 14.7% during the week. The stock remains down about 55% year to date as of Friday morning's open, trading at $11 per share.
The markets were up this week, as the S 500 gained 1.8%, the Dow Jones Industrial Average rose 0.7%, and the Nasdaq Composite surged 3.3% as of Friday at 9:30 a.m. ET.
It has been a tough year so far for First Horizon, the holding company for Memphis-based First Horizon Bank. While it had decent first-quarter results, with year-over-year gains in revenue and earnings, it faced a double whammy of bad news in recent weeks. First the banking crisis hurt the bank, as it did most small and regional bank stocks, even though its deposits held up relatively well. Then, earlier this month, it was announced by both banks that the planned acquisition of First Horizon by TD Bank was off -- by mutual consent.
Source Fool.com
