Morning Commentary: Citigroup preferreds dip; Duke Energy up; Qwest $25-par notes flat

By James McCandless

San Antonio, April 30 – Early in Tuesday’s session, volume leaders in the preferred space were being dragged lower as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.01%.

Citigroup, Inc.’s 6.3% series S non-cumulative preferred stock and 6.875% series K fixed-to-floating rate non-cumulative preferred stock were both headed lower.

The series S preferreds (NYSE: CPrS) were down 8 cents to $26.37 on volume of about 86,000 shares.

The series K preferreds (NYSE: CPrK) were down 5 cents to $27.87 on volume of about 84,000 shares.

Elsewhere in finance, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds were slightly negative.

The preferreds (NYSE: WFCPrQ) edged 1 cent lower to $26.03 with about 65,000 shares trading.

JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock moved higher at the open, bucking the prevailing trend.

The preferreds (NYSE: JPMPrC) started up 4 cents to $26.85 on volume of about 64,000 shares.

Away from the finance space, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds were also on the positive side.

The preferreds (NYSE: DUKPrA) began up by 1 cent to $26.01 with about 39,000 shares trading.

Communications name Qwest Corp.’s 6.5% notes due 2056 were relatively active but flat as the Tuesday session began.

The notes (NYSE: CTBB) were level at $22.87 on volume of about 37,000 notes.

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