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Trading lackluster during half-day session; Deutsche Bank, Barclays slip after downgrade
By Stephanie N. Rotondo
Phoenix, July 3 - Wednesday's half-day session was "pretty quiet" in the preferred stock arena, a trader reported.
He said there was a "little pressure" early in the day, though most things had come back to steady.
"People are nervous about what's going on in Europe and Egypt," he said. That could result in a "rush to Treasuries," which would in turn cause a sell-off in the preferred space.
However, he also speculated that the market could head for higher ground if investors are looking for yield.
Also keeping the market relatively in check was new jobs numbers that were "in line" with expectations.
Another market source said preferred securities were "bouncing around" all day, though he called the market down a few cents.
Foreign banks Barclays plc, Deutsche Bank plc and Credit Suisse were all downgraded by Standard & Poor's on Wednesday, as the agency worried about the size of the firms' investment banking portfolios and the impact of new regulations.
All of the banks were cut to A from A+.
On the news, Deutsche Bank and Barclays preferreds were trading softer "but not by a ton," a source said.
Deutsche Bank's 7.6% trust preferreds (NYSE: DTK) were off 8 cents at midday at $26.26. That widened to a dime lower at the close, ending at $26.24.
The 8.05% trust preferreds (NYSE: DKT) were down 7 cents at $26.98.
In Barclays' paper, the 6.625% series 2 noncumulative callable dollar preference shares (NYSE: BCSP) declined 15 cents to $24.70, as the 7.1% series 3 noncumulative callable dollar preference shares (NYSE: BCSPA) lost 8 cents, closing at $24.97.
The 8.125% series 5 noncumulative dollar preference shares (NYSE: BCSPD) finished off 3 cents at $25.32.
However, the 7.75% series 4 noncumulative callable dollar preference shares (NYSE: BCSPC) managed to put on 3 cents, closing out at $25.29.
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