Morning Commentary: Entergy Louisiana lower; Duke Energy preferreds improve; Wells Fargo gains

By James McCandless

San Antonio, April 4 – The preferred space started out mostly higher with the Wells Fargo Hybrid & Preferred Securities Financial index up early by 0.07%.

Utilities name Entergy Louisiana LLC, a subsidiary of Entergy Corp., saw its 5.25% series first mortgage bonds decline at the open.

The bonds (NYSE: ETJ) were down 8 cents to $25.09 on volume of about 114,000 bonds.

Elsewhere in utilities, Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was improving to start the session.

The preferreds (NYSE: DUKPrA) were picking up 3 cents to $25.55 with about 101,000 shares trading.

Meanwhile, in finance, Wells Fargo & Co.’s 6.625% series R fixed-to-floating rate non-cumulative perpetual class A preferreds were gaining.

The preferreds (NYSE: WFCPrR) added 16 cents to $28.17 on volume of about 76,000 shares.

Sector peer Bank of America Corp.’s 6.625% series W non-cumulative preferred stock was also on an upward swing on Thursday morning.

The preferreds (NYSE: BACPrW) were up 10 cents to $25.86 on volume of about 58,000 shares.

U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock followed the positive trend.

The preferreds (NYSE: USBPrP) started up 8 cents to $25.71 with about 56,000 shares trading.

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