JPMorgan slips; American Homes preferreds better; Qwest $25-par notes gain

By James McCandless

San Antonio, Oct. 14 – The Wednesday activity in the preferred space was marked by uneven movements with a downward trend.

Leading the midweek secondary space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock slipped.

Also in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was under water.

Sector peer Bank of America Corp.’s 6% series GG non-cumulative preferreds finished the afternoon trailing.

REIT American Homes 4 Rent’s 6.5% series D cumulative perpetual preferred shares ended in a better position.

Meanwhile, communications company Qwest Corp.’s 6.5% notes due 2056 gained throughout the session.

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