Morning Commentary: Medical Transcription taps market; JPMorgan gains; Qwest mixed

By James McCandless

San Antonio, Sept. 26 – Medical Transcription Billing Corp. said it is placing another $25 million of its $25-par 11% series A cumulative redeemable perpetual preferred stock in a best-efforts offering.

H.C. Wainwright & Co., Boenning & Scattergood and Chapin Davis Investments are the placement agents.

The preferreds will be sold at par at $25.00 per share.

The existing preferreds (Nasdaq: MTBCP) were seen falling in early trading, losing $1.13 to $26.47 on volume of about 49,000 shares.

Elsewhere, JPMorgan Chase & Co.’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock rose, leading secondary trading.

The preferreds, trading under the temporary symbol “JPMLL,” were up 5 cents to $25.13 with about 154,000 shares trading.

On Monday, the issue’s $221.25 million over-allotment option was fully exercised by the underwriters. The deal originally priced on Sept. 19 at $1,475,000,000.

Meanwhile, Qwest Corp.’s $25-par 6.625% notes due 2055 were gaining in early trading.

The notes (NYSE: CTZ) were up 13 cents to $24.25 on volume of about 73,000 shares.

Other Qwest notes were lower, including the $25-par 6.75% notes (NYSE: CTDD) due 2057, which were off 8 cents to $23.77.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.07% in early trading after a 0.24% drop on Tuesday.

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