Preferred stocks edge up; Summit Hotel Properties preferreds trade; Qwest notes improve

By Cristal Cody

Tupelo, Miss., Nov. 3 – Preferred stocks closed on Friday mostly flat but in positive territory after opening up slightly weaker.

Indexes edged tighter.

The Wells Fargo Hybrid and Preferred Securities index, which was down 7 basis points over the morning, closed the day better by less than 0.5 bp.

The U.S. iShares Preferred Stock ETF fell less than 1 bp after the start of the session and ended mostly flat.

Summit Hotel Properties Inc.’s $160 million of 6.25% series E cumulative redeemable preferred shares that priced on Thursday traded in the $25.00 to $25.10 area in over-the-counter trading over the day. The preferreds went out at $24.83.

The preferreds were freed to trade over the counter under the temporary symbol “SMYYP” on Thursday.

The company plans to apply to list the preferreds on the New York Stock Exchange under the symbol “INNPrE”.

Qwest Corp.’s 6.75% $25-par notes due June 15, 2057 (NYSE: CTDD) traded heavily over the day and closed up 27 cents, or 1.1%, at $24.87. The notes were seen up 44 cents early Friday.

Qwest’s other securities also were active in trading on Friday and ended mostly better.

The Denver-based communications company is owned by CenturyLink, Inc., which on Wednesday completed its $34 billion acquisition of Level 3 Communications Inc.

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