Morning Commentary: Morgan Stanley preferreds jump; AT&T improves; Legg Mason moves up

By James McCandless

San Antonio, March 4 – Wednesday’s start to preferred secondary trading extended the week’s positive trend as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.43%.

Leading early activity, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock was jumping higher.

The preferreds (NYSE: MSPrK) were up 39 cents to $27.40 on volume of about 798,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was also improving.

The preferreds (NYSE: COFPrJ) were rising 10 cents to $24.95 with about 120,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities moved along the same positive track.

The preferreds (NYSE: ALLYPrA) were improving by 9 cents to $25.72 on volume of about 71,000 shares.

Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferreds were steadily gaining.

The preferreds (NYSE: TPrC) were shifting up 4 cents to $25.00 with about 215,000 shares trading.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 joined the Wednesday morning trend.

The notes (NYSE: LMHB) were picking up 11 cents to $25.28 on volume of about 50,000 notes.

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