Morning Commentary: Morgan Stanley preferreds rise; AGNC under pressure; Qwest gains

By James McCandless

San Antonio, Nov. 27 – The preferred market started the trading day in positive territory with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.04%.

Leading the pack in the secondary was Morgan Stanley’s 4.875% series L non-cumulative preferred stock, which was seeing a rise.

The preferreds (NYSE MSPrL) were up 4 cents to $25.02 on volume of about 159,000 shares.

Elsewhere in the finance space, Synchrony Financial’s 5.625% series A non-cumulative perpetual preferred stock was also improving at the open.

The preferreds (NYSE: SYFPrA) were adding 5 cents to $25.54 with about 150,000 shares trading.

Sector peer AXA Equitable Holdings, Inc.’s recent 5.25% series A fixed-rate non-cumulative perpetual preferreds followed the morning trend.

The preferreds trading under the temporary symbol “AXQEL,” were gaining 4 cents to $24.96 on volume of about 127,000 shares.

Real estate investment trust AGNC Investment Corp.’s 6.5% series E fixed-to-floating rate cumulative redeemable preferreds was under pressure.

The preferreds (Nasdaq: AGNCO) were losing 2 cents to $25.75 with about 81,000 shares trading.

Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 were being lifted.

The notes (NYSE: CTBB) were rising 11 cents to $25.28 on volume of about 63,000 notes.

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