Morning Commentary: Southern California Edison drops; Energy Transfer, JPMorgan better

By James McCandless

San Antonio, May 1 – The preferred market started out Wednesday trending higher with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.17%.

Leading early trading volume, Southern California Edison, a subsidiary of Edison International, saw its 5% cumulative trust preference securities trailing.

The preferreds (NYSE: SCEPrL) were down 12 cents to $21.63 on volume of about 178,000 shares.

Late Tuesday, Edison International posted first-quarter earnings results, showing a 63 cents per share profit against analyst expectations of 88 cents per share.

Sector peer Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferreds were also dragged lower in early trading.

The preferreds (NYSE: DUKPrA) were down 8 cents to $25.94 with about 87,000 shares trading.

Meanwhile, in the oil and gas space, Energy Transfer Operating, LP’s 7.6% series E fixed-to-floating rate cumulative redeemable perpetual preferred units started the session positive.

The preferreds (NYSE: ETPPrE) gained 4 cents to $24.91 on volume of about 92,000 shares.

Elsewhere, in finance, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferreds saw an early boost.

The preferreds (NYSE: JPMPrE) added 24 cents to $26.43 with about 73,000 shares trading.

Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also being pushed upward.

The preferreds (NYSE: ALLYPrA) were up 3 cents to $26.33 on volume of about 65,000 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.