AT&T preferreds improve after CEO’s testimony; Barclays falls with broader market

By James McCandless

San Antonio, April 19 – The preferred market traded generally lower in moderate activity on Thursday, traders said.

AT&T Inc.’s preferreds rose as the company’s CEO testified in its antitrust trial on the necessity of a potential merger with Time Warner.

Barclays plc’s preference shares traded down as the company faces pressure to increase profits from an activist investor.

Allstate Corp.’s recent $500 million issue of $25-par 5.625% series G perpetual preferred shares traded down, outpacing its average volume.

AT&T’s preferreds rose on Thursday as chief executive officer Randall Stephenson testified at the company’s antitrust trial against the Department of Justice over its attempted merger with Time Warner. Stephenson said that the merger was necessary for the company to compete against large internet-related companies.

The company also received attention for delaying an IPO on Wednesday for its South American business after investor pressure to downsize the offering.

With about 139,000 shares traded, the preferreds rose 6 cents to close at $25.03.

Meanwhile, Barclays saw almost double its average volume in trading, with about 222,000 series D dollar preference shares changing hands, as the company deals with pressure from activist investors to increase profits in its investment bank division.

The series D shares fell 9 cents to close at $26.08.

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