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Morning Commentary: JPMorgan preferreds mixed; AT&T $25-pars lower; SoCal Edison rises
By James McCandless
San Antonio, Jan. 29 – The preferred market started mixed on Tuesday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.02%.
Leading early trading volume, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock and its recent 6% series EE non-cumulative preferred stock were mixed.
The 5.75% preferreds (NYSE: JPMPrD) were up 9 cents to $25.09 on volume of about 101,000 shares.
The 6% preferreds, trading under the temporary symbol “JPEEL,” were flat at $25.35 on volume of about 55,000 shares.
Elsewhere in finance, Wells Fargo & Co.’s 5.625% series Y non-cumulative perpetual class A preferreds were dropping at the start of the session.
The preferreds (NYSE: WFCPrY) started down 14 cents to $25.10 with about 63,000 shares trading.
Meanwhile, in the telecom space, AT&T, Inc.’s 5.35% global notes due 2066 were also on a negative trend.
The $25-par notes (NYSE: TBB) were up 2 cents to $24.48 on volume of about 100,000 notes.
Electric utility Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preferred securities rise.
The preferreds (NYSE: SCEPrL) trended up 6 cents to $18.38 with about 66,000 shares trading.
Insurer AmTrust Financial Services, Inc.’s 6.95% series F non-cumulative preferreds opened lower.
The preferreds (NYSE: AFSIPrF) were down 10 cents to $7.75 on volume of about 38,000 shares.
The company’s preferreds have been in freefall since the issuer informed the Securities and Exchange Commission that it will delist and deregister its preferred structure by Feb. 7.
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