Morning Commentary: Duke Energy preferreds gain; Brookfield jumps; Qwest $25-pars flat

By James McCandless

San Antonio, April 10 – Top-trading preferreds were mixed on Wednesday morning as the Wells Fargo Hybrid & Preferred Securities Financial index started up 0.07%.

In early trading, utilities provider Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock saw a slight gain.

The preferreds (NYSE: DUKPrA) gained 5 cents to $25.70 in intraday trading with about 97,000 shares trading.

Real estate developer Brookfield Property Partners LP’s 6.5% series 1 class A cumulative redeemable perpetual preferred units jumped higher.

The preferreds (Nasdaq: BPYPP) started up 23 cents to $25.13 on volume of about 93,000 shares.

Meanwhile, in telecom, Qwest Corp.’s 6.5% notes due 2056 were relatively active but flat early Wednesday.

The notes (NYSE: CTBB) were level at $22.32 with about 83,000 notes trading.

Sector peer AT&T, Inc.’s 5.35% global notes due 2066 took a negative turn at the open.

The notes (NYSE: TBB) were down 1 cent to $25.35 on volume of about 42,000 notes.

Elsewhere, in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were also negative.

The preferreds (NYSE: JPMPrD) trailed by 4 cents to $25.98 on volume of about 28,000 shares.

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