Morning Commentary: Morgan Stanley’s preferreds gain; Qwest’s $25-par notes improve

By James McCandless

San Antonio, Aug. 30 – Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock was on the rise in early Thursday trading.

The preferreds (NYSE: MSPrE) were up 11 cents to $28.69 on volume of about 363,000 shares.

Elsewhere, Qwest Corp.’s 6.125% $25-par notes were seen improving. The company’s notes have been heavily traded since an Aug. 20 announcement that it planned to redeem $1.34 billion in total of its notes and debentures. Those securities include the 7.5% notes due 2051, two series of 7% notes due 2052 and 7.25% debentures due 2035.

Qwest’s existing 6.125% notes due 2053 (NYSE: CTY) were up 14 cents to $22.48 with about 63,000 notes trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.19% in early trading, stretching a 0.07% increase seen on Wednesday.

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