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Morning Commentary: Energy Transfer’s new units trade lower; AT&T slides on earnings anticipation
By James McCandless
San Antonio, April 25 – Energy Transfer Partners, LP, with its new series C fixed-to-floating rate cumulative redeemable perpetual preferred units, led the market again early Wednesday with about 494,000 shares changing hands.
On Tuesday, the new 7.375% units led with more than 1 million units exchanged.
The deal was priced after market close on April 18.
The preferreds were down 10 cents to $24.60.
AT&T Inc.’s 5.35% global notes due 2066 were down with about 105,000 shares already trading in anticipation of a first-quarter earnings report being released after the market close on Wednesday.
The company is expected to meet or beat analyst expectations at 87 cents to 88 cents per share.
Two antitrust probes from the Department of Justice are troubling AT&T. One is over whether an attempted merger with Time Warner would harm consumer choice while the other is over whether the company cooperated with Verizon to make it harder for consumers to switch wireless carriers.
The preferreds were down 24 cents to $24.64 early Wednesday.
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.33% in early trading, extending the 0.21% loss at the market close on Tuesday.
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