Morning Commentary: Preferreds quiet ahead of the 4th of July; Wells Fargo falls 12 cents

By Christine Van Dusen

Atlanta, July 3 – The preferred stock market didn’t move much on a pre-holiday Thursday morning and on the back of news that interest rates will stay low in Europe and the jobs picture has improved in the United States.

“There not much of a sell-off in the secondary,” a trader said. “But that could also be because no one’s in today.”

Morgan Stanley Capital Trust III’s 6¼% capital securities moved down 4 cents to $25.22 on 427,078 shares traded on Wednesday morning.

Wells Fargo & Co.’s 8% non-cumulative perpetual preferred stock, series J, fell 12 cents to $29.45 on 119,129 shares traded.

And Barclays Bank plc’s 8 1/8% non-cumulative callable dollar preference shares, series 5, ADR dipped 4 cents to $26.03 on a mere 33,717 shares traded.

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