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Company: First Horizon National Corporation (FHN)
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  Pension expense going up at FHN, Losses continue causing common equity to decline.

Earnings power after FHN taps TARP will deteriorate significantly causing FHN to earn less than their cost of capital. FHN should trade below tangible book value. Pension obligations are going up after massive losses in the markets cause FHN to make pension obligations. And the economy is getting worse which will cause NPL's and provision to continue to go up.

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