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PG&E preferreds drop on planned bankruptcy; Citigroup drops; Stanley Black & Decker down
By James McCandless
San Antonio, Jan. 14 – Replicating the negativity experienced Friday, the preferred space started a new week moving lower.
Leading trading volume, PG&E Corp.’s 6% cumulative nonredeemable first preferred stock saw a multi-point drop after the company said it will file for bankruptcy.
The preferreds (NYSE: PCGPrA) were down $3.11 to close at $15.70 on volume of about 1.15 million shares.
On Monday, the company announced plans to file for Chapter 11 bankruptcy after concerns that it would incur a large accounting charge due to potential liabilities in recent wildfires in California.
Meanwhile, in finance, Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds declined.
The preferreds (NYSE: CPrK) lost 11 cents to close at $26.33 with about 432,000 shares trading.
Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were gaining.
The preferreds (NYSE: GSPrD) picked up 13 cents to close at $19.25 on volume of about 401,000 shares.
JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds joined the downward trend.
The preferreds (NYSE: JPMPrD) were down 6 cents to close at $24.98 with about 312,000 shares trading.
Toolmaker Stanley Black & Decker, Inc.’s 5.75% junior subordinated debentures due 2052 were also negative.
The debentures (NYSE: SWJ) shaved off 1 cent to close at $24.43 on volume of about 234,000 debentures.
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