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Morning Commentary: Preferreds weaken ahead of bank earnings; Wells Fargo trades mixed
By Stephanie N. Rotondo
Seattle, Jan. 12 – The preferred stock market was giving back some of its midweek gains in early Thursday trading.
The Wells Fargo Hybrid and Preferred Securities index was off 9 basis points at mid-morning, compared to the iShares U.S. Preferred index’s 18 bps decline. On Wednesday, both indexes ended firm, up 62 bps and 49 bps, respectively.
Volume was also on the lighter side as the day began, as the market pondered what bank earnings would bring on Friday.
Wells Fargo & Co.’s preferreds were mixed in early dealings. Wells Fargo will kick off bank earnings season on Friday, along with JPMorgan Chase & Co. and Bank of America Corp.
Wells Fargo’s 5.5% series X class A noncumulative preferreds (NYSE: WFCPrX) were steady at mid-morning, trading at $24.04. However, the 5.7% series W class A noncumulative preferreds (NYSE: WFCPrW) were down 4 cents at $24.75.
Away from financials, Entergy Mississippi Inc.’s 4.9% $25-par first mortgage bonds due 2066 were busy, and better.
The notes (NYSE: EMP) were up 3 cents at $22.67 at mid-morning.
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