AT&T notes up as antitrust trial concludes; Allstate active, flat ahead of earnings

By James McCandless

San Antonio, April 30 – Traders reported an active day in the preferred market as news-driven names complement earnings activity.

AT&T, Inc.’s $25-par bonds traded up as closing arguments were heard Monday in its antitrust trial against the Department of Justice.

Allstate Corp.’s recent issue ended up level but doubled its average volume as the market anticipates positive results when the company releases first-quarter numbers on Tuesday.

The preferreds were level at $25.07.

Energy Transfer Partners, LP’s new preferred units gained, leading the market upward.

The preferreds gained 2 cents to close at $24.82.

AT&T’s 5.35% global notes due 2066 started the week up as the company’s antitrust trial against the Department of Justice concluded on Monday.

The trial focused on whether or not AT&T’s attempted merger with Time Warner would harm consumer choice, with the company arguing the merger was needed to be more competitive against other internet companies.

In its closing remarks, lawyers for the government indicated that an “alternative solution” would be a viable solution and that the presiding judge might not find it necessary to block the merger outright.

The company faces another antitrust probe over whether it cooperated with Verizon to make it difficult for customers to switch carriers. With about 252,000 notes trading hands, the securities gained 5 cents to close at $24.58.

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