Morning Commentary: Just Energy higher; JPMorgan lower; Qwest $25-par notes improve

By James McCandless

San Antonio, Sept. 25 – The preferred space began Friday shaking off the negativity from the previous few days with the Wells Fargo Hybrid & Preferred Securities Financial index opening up by 0.31%.

Leading early secondary trading volume, Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares were shooting higher.

The preferreds (NYSE: JEPrA) were up 71 cents to $3.59 on volume of about 146,000 shares.

Meanwhile, in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was on a negative path.

The preferreds (NYSE: JPMPrC) were shaving off 1 cent to $27.36 with about 87,000 shares trading.

Sector peer Wells Fargo & Co.’s 4.75% series Z and 5.5% series X non-cumulative perpetual class A preferreds were both on the rise.

The series Z preferreds (NYSE: WFCPrZ) were gaining 6 cents to $24.73 on volume of about 51,000 shares trading.

The series X preferreds (NYSE: WFCPrX) were pushing up 7 cents to $25.54 on volume of about 32,000 shares.

Bank of America Corp.’s 6.2% series CC non-cumulative preferred stock kicked off the morning on the positive side.

The preferreds (NYSE: BACPrC) were picking up 1 cent to $25.68 with about 47,000 shares trading.

Elsewhere, communications name Qwest Corp.’s 6.5% notes due 2056 were improving.

The notes (NYSE: CTBB) were adding 12 cents to $25.30 on volume of about 32,000 notes.

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