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Morning Commentary: Thanksgiving holiday weighs on trading volume, but data boosts market
By Stephanie N. Rotondo
Phoenix, Nov. 26 Preferred stocks gained more ground Wednesday, even as liquidity shrunk.
Its very quiet, a trader said. However, he noted that new economic data new jobs numbers and an increase in consumer sentiment was helping spur things along.
The Wells Fargo Hybrid and Preferred Securities index was up 28 basis points at mid-morning.
By no surprise, recent deals continued to be more active than other secondary issues.
State Street Corp.s $750 million of 6% series E fixed-rate noncumulative perpetual preferreds that priced Nov. 18 were at par bid, $25.05 offered, according to a trader.
Public Storages $175 million of 5.875% series A cumulative perpetual preferreds were then seen at $24.73 bid, $24.75 offered.
That issue came Nov. 20.
The market will be closed Thursday for Thanksgiving.
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