Morning Commentary: JPMorgan mixed; Qwest $25-par notes lower; UMH moves higher

By James McCandless

San Antonio, May 14 – The preferred market opened Tuesday mixed as the Wells Fargo Hybrid & Preferred Securities Financial index was slightly higher by 0.02%.

In early trading, JPMorgan Chase & Co.’s 6.125% series Y and 6% series EE non-cumulative preferred stock was mixed.

The series Y preferreds (NYSE: JPMPrF) were down 2 cents to $25.50 on volume of about 83,000 shares.

The series EE preferreds (NYSE: JPMPrC) were up 7 cents to $26.38 on volume of about 34,000 shares.

Elsewhere in finance, Goldman Sachs Group, Inc.’s floating-rate non-cumulative preferred stock opened on the negative side.

The preferreds (NYSE: GSPrD) started lower by 2 cents to $19.62 with about 39,000 shares trading.

In communications, Qwest Corp.’s 6.5% notes due 2056 were also being pushed lower at the start of the session.

The notes (NYSE: CTBB) declined by 5 cents to $22.65 on volume of about 47,000 notes.

Meanwhile, real estate investment trust UMH Properties, Inc.’s 6.75% series C cumulative redeemable preferreds were rising.

The preferreds (NYSE: UMHPrC) picked up 8 cents to $24.68 with about 40,000 shares trading.

Shipping name Seaspan Corp.’s 7.875% series H cumulative redeemable perpetual preferred shares were also on a positive trend.

The preferreds (NYSE: SSWPrH) were up 13 cents to $24.75 on volume of about 32,000 shares.

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