Morning Commentary: Goldman Sachs preferreds rise; AT&T $25-par notes up; PG&E drops

By James McCandless

San Antonio, Jan. 11 – The preferred market opened Friday mixed as the Wells Fargo Hybrid & Preferred Securities Financial index began lower by 0.02%.

Leading early trading volume, Goldman Sachs Group, Inc.’s series A and series D floating-rate non-cumulative preferreds were both rising at the start of the session.

The series A preferreds (NYSE: GSPrA) were up 10 cents to $18.56 on volume of about 61,000 shares.

The series D preferreds (NYSE: GSPrD) were up 21 cents to $18.71 on volume of about 39,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds started declining.

The preferreds (NYSE: JPMPrD) were off 1 cent to $25.06 with about 56,000 shares trading.

PNC Financial Services Group, Inc.’s 6.125% series P fixed-to-floating rate non-cumulative perpetual preferred stock was slightly higher.

The preferreds (NYSE: PCNPrP) were up 2 cents to $26.23 on volume of about 31,000 shares.

In telecom, AT&T, Inc.’s 5.35% global notes due 2066 were active but flat.

The notes (NYSE: TBB) were level at $24.11 with about 35,000 notes trading.

Utilities name PG&E Corp.’s 6% cumulative nonredeemable first preferred stock saw a drop in early activity.

The preferreds (NYSE: PCGPrA) were down 13 cents to $18.29 on volume of about 33,000 shares.

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