Morning Commentary: JPMorgan’s preferreds higher; MetLife up; Teekay Offshore rises

By James McCandless

San Antonio, Nov. 6 – The preferred space kicked off another day with lower volume as the Wells Fargo Hybrid & Preferred Securities Financial index gained 0.06% to start trading.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock started the session rising, leading secondary trading by volume.

The preferreds (NYSE: JPMPrD) were up 2 cents to $24.79 on volume of about 40,000 shares.

Meanwhile, Bank of America Corp.’s 5.875% series HH non-cumulative preferred stock was seen rising.

The preferreds (NYSE: BACPrK) edged up 1 cent to $24.82 with about 33,000 shares trading.

Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferreds, while relatively active, were flat at the start of the trading day.

The preferreds (NYSE: CPrN) were unchanged at $26.48 on volume of about 26,000 shares.

In the insurance space, MetLife, Inc.’s 5.625% series E non-cumulative preferred stock was also gaining.

The preferreds (NYSE: METPrE) were up 1 cent to $24.78 with about 38,000 shares trading.

Shipping name Teekay Offshore Partners LP’s 7.25% series A cumulative redeemable preferred units followed the positive trend.

The preferreds (NYSE: TOOPrA) were up 5 cents to $19.20 on volume of about 26,000 shares.

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