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CORRECT: DJ FTN Equity To Close; Firm Helped Pioneer 'Channel Checks'

(Corrects First Horizon National Corp.'s name in first paragraph.) By Brendan Conway Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- First Horizon National Corp. (FHN) will shutter equity-research firm FTN Equity Capital Markets Corp., marking the end of a company credited with helping popularize field work in an industry dominated by number-crunching. The Tennessee bank said Monday it will take a $10 million charge as it exits the institutional equity-research business. All of FTN Equity Capital's nearly 100 employees will be affected by the exit, First Horizon spokesman Anthony Hicks said. The employees will be offered severance. FTN Equity Capital was no longer a "strategic fit" for First Horizon, Hicks said. The move signals the collapse of a deal the bank announced in September to sell the unit to asset-management and merchant-banking firm Point Capital Partners LLC. Point Capital officials could not be reached for comment. "They were one of the pioneers in terms of doing a lot of field work, channel checks, and to incorporate that very explicitly in their reports," Sanford Bragg, president and chief executive of industry tracker Integrity Research Associates said. A "channel check" is an analyst's first-person look into a production line, sales, or another variable in a business. The check is often used to compare against projections. Such an approach can shed light on company guidance or Wall Street expectations where financial modeling cannot. FTN Equity brought that first-hand approach to the technology and health-care coverage it was best known for, Bragg said. First Horizon reported a wider loss last quarter compared to the year-ago period, disappointing analysts. The company said it was still dealing with "a challenging economy" when it announced those results on Jan. 19. In September, when the bank announced the sale to Point Capital, First Horizon made clear it was shifting its efforts to other businesses. "Over the past 18 months we have refocused on our highly successful FTN Financial and First Tennessee Bank businesses, and this sale further refines that focus," the company said. First Horizon shares were off 1.4% to $12.77 in afternoon trading. -By Brendan Conway, Dow Jones Newswires; (212) 416-2670; brendan.conway@dowjones.com

Stock News for First Horizon (FHN)
DateTimeHeadline
02/27/201418:08:37First Horizon Reaches Settlement With Freddie Mac
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Holdings As Of Sep -2-
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Holdings As Of Sep 30
11/15/201309:03:09Chilton Investment Co. 3Q 13F: Largest Sales
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases
11/15/201307:11:09AQR Capital Management 3Q 13F: Largest Purchases -2-
06/14/201318:14:46Zoetis to Replace First Horizon in S&P 500
12/28/201213:10:02Tech Glitch Prompted Biggest 2010 Discount Window Loan
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07/25/201215:27:11Regional Bank Investors Worry New Capital Rules Will Curtail...
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07/15/201107:58:10First Horizon 2Q Profit Soars But Revenue Slumps On Loan Decline
06/29/201114:39:11Bank Of America Settlement Viewed As Blueprint For More Pacts
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01/21/201119:15:09Southern Banks Post Mixed Results; Continuing Financial Woes
01/21/201107:55:19First Horizon 4Q Loss Narrows As Loan-Loss Provision Falls
12/22/201016:32:12US Treasury Announces Six Cos Repay TARP Funds
12/16/201009:34:18First Horizon Unveils Terms Of Boosted $500 Million Debt Sale
11/01/201016:07:14MARKET SNAPSHOT: U.S. Stocks Turn Negative On Financial Jitters

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