Morning Commentary: JPMorgan preferreds lower; AT&T $25-par notes flat; Just Energy up

By James McCandless

San Antonio, April 15 – The preferred space began a new week on a positive trend, though volume was lagging as the Wells Fargo Hybrid & Preferred Securities Financial index was up 0.11%.

Leading trading volume, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were on the negative side at the open.

The preferreds (NYSE: JPMPrD) were down 2 cents to $25.98 on volume of about 27,000 shares.

Meanwhile, in telecom, AT&T, Inc.’s 5.35% global notes due 2066 were relatively active but level early in the day.

The $25-par notes (NYSE: TBB) were flat at $25.01 with about 26,000 notes trading.

Utilities name Just Energy Group Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable preferred shares were also moving higher.

The preferreds (NYSE: JEPrA) gained 25 cents to $21.08 on volume of about 23,000 shares.

Sector peer Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock started the session slightly better.

The preferreds (NYSE: DUKPrA) started up 2 cents to $25.75 with about 20,000 shares trading.

Asset manager Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 followed the positive trend.

The notes (NYSE: LMHB) were up 5 cents to $24.15 on volume of about 16,000 notes.

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