JPMorgan’s preferreds end lower; AT&T’s $25-par notes decline; Edison International up

By James McCandless

San Antonio, Nov. 27 – The preferred space finished the Tuesday session largely negative with a focus on financial names.

Leading the secondary, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock ended the day lower.

The preferreds (NYSE: JPMPrD) dipped 3 cents to close at $24.61 on volume of about 467,000 shares.

Elsewhere in finance, Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferreds gained.

The preferreds (NYSE: MSPrK) were up 6 cents to close at $24.75 with about 257,000 shares trading.

Goldman Sachs Group, Inc.’s 5.5% fixed-to-floating rate non-cumulative preferred stock also declined.

The preferreds (NYSE: GSPrJ) fell 11 cents to close at $24.44 on volume of about 252,000 shares.

In telecom, AT&T Inc.’s 5.35% global notes due 2066 were headed lower.

The notes (NYSE: TBB) sank 33 cents to close at $22.83 with about 201,000 notes trading.

On Monday, the notes fell 20 cents.

Utilities name Southern California Edison Co., a subsidiary of Edison International, saw its 5% cumulative trust preferred securities improve.

The preferreds (NYSE: SCEPrL) picked up 17 cents to close at $19.12 on volume of about 164,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.01% to close the Tuesday session.

The iShares US Preferred Stock ETF was 6 cents lower at $35.30.

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