Midday Commentary: Preferreds higher; speculation about possibility of Exelon deal

By Stephanie N. Rotondo

Phoenix, May 27 - The preferred stock market was already posting gains after the long Memorial Day weekend.

The Wells Fargo Hybrid and Preferred Securities Index was up 6 basis points as of mid-morning Tuesday.

Meanwhile, a trader opined that Exelon Corp. could be looking to bring a preferred stock deal, given that the company filed a shelf registration on Friday.

The filing, the trader said, indicated that the company wanted to raise money or sell securities to redeem or replace existing debt.

The trader noted that Exelon has some "$1,000-par Baltimore Gas [& Electric Co.] issues outstanding."

Exelon is a Chicago-based power producer.

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