Morning Commentary: Ally Financial improves; AGNC higher; Qwest $25-par notes better

By James McCandless

San Antonio, April 9 – The last day of the holiday-shortened week began higher despite negative economic news as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 3.29%.

On top of secondary trading, Ally Financial Inc.’s 8.125% series A fixed-to-floating rate trust preferreds securities were improving.

The preferreds (NYSE: ALLYPrA) were up $1.34 to $22.08 on volume of about 204,000 shares.

Elsewhere in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock trended upward.

The preferreds (NYSE: WFCPrZ) were improving by 86 cents to $22.76 with about 125,000 shares trading.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferred stock also followed the prevailing trend.

The preferreds (NYSE: BACPrN) were gaining 54 cents to $24.30 on volume of about 95,000 shares.

Real estate investment trust AGNC Investment Corp.’s 6.125% series F fixed-to-floating rate cumulative redeemable preferreds were moving to higher ground.

The preferreds (Nasdaq: AGNCP) were picking up 26 cents to $21.45 with about 93,000 shares trading.

Meanwhile, communications name Qwest Corp.’s 6.5% notes due 2056 started the session on better footing.

The notes (NYSE: CTBB) were adding 45 cents to $22.38 on volume of about 79,000 notes.

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