Morning Commentary: Preferred stock indexes improve; Southern California Edison softens

By Cristal Cody

Tupelo, Miss., July 10 – Preferred stocks were on top at the start of Wednesday’s session after opening the day stronger.

The Wells Fargo Hybrid and Preferred Securities index climbed 0.10% after going out on Tuesday up 0.05%.

The U.S. iShares Preferred Stock ETF rose 6 cents, or 0.16%, to $36.83 over the morning. The ETF closed the previous session flat at $36.77.

Equities were better over the morning also with the Dow Jones industrial average up 118.41 points, or 0.44%.

Treasury yields were down slightly with only the 30-year benchmark bond showing gains over the morning.

In early trading on Wednesday, Southern California Edison’s 5.375% fixed-to-floating rate cumulative trust preference securities softened after leading trading volume on Tuesday.

The preferreds (NYSE: SCEPrJ) were down 3 cents, or 0.12%, to $24.21 in midmorning trading.

Southern California Edison’s securities had gone out on Tuesday up 24 cents to close at $24.24 on volume of about 1.4 million shares.

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