Morning Commentary: Preferreds open with mixed tone; Steel Partners preferreds gain

By Cristal Cody

Tupelo, Miss., Oct. 17 – Preferred stocks opened with a mixed tone on Tuesday after softening on Monday.

The Wells Fargo Hybrid and Preferred Securities index was up 3 basis points.

The U.S. iShares Preferred Stock ETF was down 5 bps.

In early trading, Steel Partners Holdings LP’s 6% series A preferred units improved 15 cents, or 0.71%, to $21.35.

The preferred units due Feb. 7, 2026 started trading Monday on the New York Stock Exchange under the temporary symbol “SPLPPrT”.

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

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