Morning Commentary: Preferred primary quiet; preferreds open mixed; Morgan Stanley improves

By Cristal Cody

Tupelo, Miss., Dec. 18 – Preferred stocks opened the week mixed in mostly quiet activity early Monday.

The Wells Fargo Hybrid and Preferred Securities index climbed 10 basis points.

The U.S. iShares Preferred Stock ETF jumped fell 9 bps.

The primary market was quiet with no preferred stock deals announced over the morning.

In early trading, Morgan Stanley’s preferred stocks were active.

The company’s depositary shares (NYSE: MSPrE), which represent 1/1,000th of a share of series E non-cumulative preferred stock, rose 19 cents, or 0.65%, to $29.34.

Morgan Stanley’s series A perpetual floating-rate non-cumulative preferred stock (NYSE: MSPrA) also were active over the morning. The preferreds saw a large trade of about 2 million shares in the previous week. The preferreds rose 5 cents, or 0.23%, to $23.08 early Monday.

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