First Horizon Loss Worse Than Estimates

Shares of First Horizon National Corp. (FHN Quote) were down 7.7% to $11.89 in early trading Friday, as the Memphis, Tenn., holding company reported a first-quarter loss of $65 million.

After factoring in $15 million in interest on preferred stock held by the Treasury, the net loss available to common shareholders was $83 million for a loss of 30 cents per diluted common share, which compared to the Thomson Reuters consensus analyst estimate of a 25-cent-per-share loss for the first quarter.

In comparison, the net loss available to common shareholders was $63 million in the fourth quarter and earnings were a positive $8 million in the first quarter of 2008. ...