Morning Commentary: AT&T higher; JPMorgan positive; Southern Co. $25-pars active, flat

By James McCandless

San Antonio, July 29 – The preferred space was again positive on Wednesday as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.21%.

Leading the early Wednesday secondary trading, telecom provider AT&T, Inc.’s 4.75% series C perpetual preferred stock was tracking higher.

The preferreds (NYSE: TPrC) were up 4 cents to $24.99 on volume of about 121,000 shares.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock started the session positively.

The preferreds (NYSE: JPMPrJ) were improving by 16 cents to $27.25 with about 100,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also following the opening trend.

The preferreds (NYSE: ALLYPrA) were tacking on 2 cents to $23.98 on volume of about 38,000 shares.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were declining.

The preferreds (NYSE: WFCPrQ) were shedding 3 cents to $25.10 with about 59,000 shares trading.

Elsewhere, utilities name Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were relatively active but unchanged so far.

The notes (NYSE: SOJA) were holding level at $25.65 on volume of about 39,000 notes.

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