Morning Commentary: Charles Schwab higher; AT&T varies; Qwest $25-par notes positive

By James McCandless

San Antonio, Jan. 3 – The preferred space started with mixed movements as the Wells Fargo Hybrid & Preferred Securities Financial index opened down by 0.07%.

At the top of early activity, Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferred stock was slightly higher at the start.

The preferreds (NYSE: SCHWPrD) were up 1 cent to $26.56 on volume of about 134,000 shares.

Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were also tracking upward.

The preferreds (NYSE: DXB) were improving by 4 cents to $26.36 with about 48,000 shares trading.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities followed the sector trend.

The preferreds (NYSE: ALLYPrA) were gaining 1 cent to $26.14 on volume of about 46,000 shares.

In telecom, AT&T Inc.’s 5% series A perpetual preferred stock and its 5.35% global notes due 2066 were moving in opposite directions as the session got underway.

The series A preferreds (NYSE: TPrA) were losing 9 cents to $26.32 with about 62,000 shares trading.

The 5.35% notes (NYSE: TBB) were shifting up 7 cents to $27.02 with about 51,000 shares trading.

Also in communications, Qwest Corp.’s 6.5% notes due 2056 were positive.

The notes (NYSE: CTBB) were adding 5 cents to $25.75 on volume of about 31,000 shares.

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