Preferreds close up slightly; Wells Fargo paper mixed; Annaly Capital gains; Qwest down

By Cristal Cody

Tupelo, Miss., Aug. 31 – Preferreds closed up modestly on light action on Thursday.

The U.S. iShares Preferred Stock ETF (NYSE: PFF) ended up 15 cents, or 0.39%, at $39.05.

Wells Fargo & Co.’s paper was active but little changed on the company’s announcement a review had found additional “potentially unauthorized accounts” on Thursday.

“Wells Fargo issues were mixed, with actually slightly more WFC issues up than down,” a source said. “So, no impact.”

Wells Fargo’s 5.625% class A series Y noncumulative preferreds (NYSE: WFCPrY) closed 13 cents better on the day at $25.97.

Wells Fargo’s 8% series J class A noncumulative perpetual preferreds (NYSE: WFC-PJ) were flat at $25.50.

In other trading during the session, Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating-rate cumulative redeemable preferred shares (NYSE: NLYPrF) were active. The preferreds traded up 13 cents to $25.23.

Also active, Qwest Corp.’s 6.75% notes due 2057 (NYSE: CTDD) were down a nickel at $25.69.

The preferred stock market is expected to remain fairly quiet until after the long holiday weekend.

“Nothing until after Labor Day,” a source said at the start of the session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.