Morning Commentary: Public Storage gains; AT&T preferreds negative; State Street loses

By James McCandless

San Antonio, Dec. 24 – A shortened Christmas Eve trading session began with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.03%.

Leading morning trading, real estate investment trust Public Storage’s 4.75% series K cumulative preferred shares saw a slight gain.

The preferreds (NYSE: PSAPrK) were up 2 cents to $25.35 on volume of about 132,000 shares.

Elsewhere, telecom company AT&T Inc.’s 5% series A perpetual preferred stock opened on a negative trend.

The preferreds (NYSE: TPrA) were declining by 7 cents to $25.93 with about 68,000 shares trading.

Meanwhile, in the finance space, State Street Corp.’s 5.35% series G fixed-to-floating rate non-cumulative preferred stock was losing ground.

The preferreds (NYSE: STTPrG) were diving 36 cents to $27.85 on volume of about 63,000 shares.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were also under pressure.

The preferreds (NYSE: COFPrI) were shedding 3 cents to $25.06 with about 48,000 shares trading.

JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock followed the market lower.

The preferreds (NYSE: JPMPrG) were off 1 cent to $25.74 on volume of about 45,000 shares.

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