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Morning Commentary: Energy Transfer preferreds level in active trading; AT&T notes lower
By James McCandless
San Antonio, April 27 – Energy Transfer Partners, LP’s recent series C fixed-to-floating rate cumulative redeemable perpetual preferred units led the market in early trading Friday morning with about 117,000 shares changing hands so far.
The 7.375% units priced after the market close on April 18.
The preferreds were level at $24.70 Friday morning.
AT&T Inc.’s 5.35% global notes due 2066 were down in early trading, still feeling the effects of Wednesday’s disappointing first-quarter earnings report where the company posted a $1 billion revenue loss and 85 cents per share in earnings that were 3 cents short of analyst estimates.
The company is also navigating its way through two antitrust probes by the Department of Justice, one over its attempted merger with Time Warner and another over alleged cooperation with Verizon to make changing mobile carriers difficult for consumers.
The preferreds, with about 77,000 shares changing hands, was down 4 cents in early trading to $24.47.
The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.07% in early trading after gaining 0.15% at market close on Thursday.
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