Citigroup preferreds trend upward; Goldman reports results, gains; Entergy lists on NYSE

By Stephanie N. Rotondo

Portland, Ore., April 19 - A rebounding stock market helped preferred stocks gain ground Tuesday, according to traders.

"Generally, the market bounced back very nicely and was fairly firm on the day," one trader said.

Citigroup Inc. preferreds were better just one day after the company released earnings that were in line with market expectations. Goldman Sachs' preferreds were also higher, though one trader said the securities "didn't react much."

In recent new deals, Entergy Mississippi Inc. officially listed on the New York Stock Exchange. However, depending on whom you asked, the listing did little to improve the new $25-par bonds.

A trader said that Citigroup preferreds were up anywhere from 4 cents to 36 cents, depending on the issue.

The 7.125% series V preferreds gained 4 cents to close at $25.18 while the 6% series S preferreds moved up 36 cents to $22.78 per share. The 8.5% series J preferreds improved by 6 cents to $26.45 apiece.

Another trader said the series N preferreds were up 8 cents at $27.79 and the series Js gained 7 cents to end at $26.46 per share.

The New York-based financial services firm posted net income of $3 billion, or 10 cents per share, for the first quarter of 2011 on Monday. That compared to income of $4.4 billion in 2010.

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