Morgan Stanley follows preferred market lower; U.S. Bancorp plummets; JPMorgan down

By James McCandless

San Antonio, Oct. 4 – The preferred market saw high volume and heavy losses with a focus on financial names, following the broader equity markets.

Morgan Stanley’s 5.85% series K fixed-to-floating rate non-cumulative preferred stock moved lower.

The preferreds (NYSE: MSPrK) were down 16 cents to $25.11 on volume of about 1.6 million shares.

U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock saw a large drop.

The preferreds (NYSE: USBPrP) were down 43 cents to close at $24.30 with about 1.3 million shares trading.

JPMorgan Chase & Co.’s recent $1,696,250,000 issue of $25-par 5.75% series DD non-cumulative preferred stock also declined.

The preferreds (NYSE: JPMPrD) were down 7 cents to close at $24.83 on volume of about 516,000 shares.

On Wednesday, the preferreds lost 28 cents.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.72% at market close, ending slightly better than the 0.74% decline seen in early trading on Thursday.

The iShares US Preferred Stock ETF was off 29 cents to $36.05.

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