Midday Commentary: Holiday slowdown in full swing; Stifel retreats a little; SunTrust holds in

By Stephanie N. Rotondo

Phoenix, Dec. 20 - The preferred stock market is winding down for the year, a trader said Thursday.

"A lot of shops are already closed for the year," he said. "There's not a lot of people around; it's very quiet."

Those empty desks might be why the market hasn't seen a major sell-off, as Republican lawmakers are set to vote on a fiscal cliff deal that is likely to be vetoed by the president.

Still, that veto could give an idea of what direction the talks are going, the trader said.

"They'll probably raise taxes either way," he said.

Of the day's dealings, Stifel Financial Corp.'s recent $150 million sale of 5.375% $25-par senior notes due 2022 were pegged at $24.90 bid, $24.92 offered early in the session but moved up to $24.93 bid by midday, according to a trader.

SunTrust Banks Inc.'s $450 million of 5.875% series E noncumulative perpetual preferreds were meantime languishing at $24.65 bid, $24.75 offered.

Stifel priced Tuesday before the market closed. SunTrust priced last week.

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