Morning Commentary: Preferred stocks weaken; Charles Schwab, AT&T market deals; Teekay slips

By Cristal Cody

Tupelo, Miss., Oct. 25 – Preferred stocks weakened at the market open on Wednesday, while primary action is expected during the session.

The Wells Fargo Hybrid and Preferred Securities index fell 34 basis points over the morning.

The U.S. iShares Preferred Stock ETF dropped 44 bps.

Charles Schwab Corp. plans to price depositary shares that represent a 1/100th interest in a share of series F fixed-to-floating rate non-cumulative perpetual preferred stock. The securities will not be listed on an exchange.

Also, AT&T Inc. is marketing $25-par global notes due 2066 that will be listed on the New York Stock Exchange.

Teekay LNG Partners LP’s 8.5% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were added to the New York Stock Exchange under the symbol “TOOPrA” after the market closed on Tuesday and traded early Wednesday down 20 cents, or 0.84%, to $23.42.

The Hamilton, Bermuda-based provider of marine transportation services for liquefied gas, petroleum and oil sold $150 million of the preferreds on Oct. 16.

Steel Partners Holdings LP’s 6% series A preferred units (NYSE: SPLPPrA) were off about 1 cent at $21.30 early Wednesday.

The New York City-based diversified holding company issued the preferreds due Feb. 7, 2026 as part of an exchange for shares of Handy & Harman Ltd. that expired on Oct. 12.

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