Morning Commentary: Monmouth positive; Duke Energy rises; CIT Group better

By James McCandless

San Antonio, Nov. 11 – The week in preferred trading began with relatively quiet movement as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.06%.

Leading the preferred market early, real estate investment trust Monmouth Real Estate Investment Corp.’s 6.125% series C cumulative redeemable preferred stock began on the positive side.

The preferreds (NYSE: MNRPrC) were up 1 cent to $25.01 on volume of about 44,000 shares.

Meanwhile, utilities name Duke Energy Corp.’s 5.75% series A cumulative redeemable perpetual preferred stock was seen rising Monday morning.

The preferreds (NYSE: DUKPrA) were gaining 11 cents to $27.48 with about 40,000 shares trading.

Elsewhere, in the finance space, CIT Group Inc.’s new 5.625% series B non-cumulative perpetual preferreds were also moving into a better position.

The preferreds, trading under the temporary symbol “CITUP,” were adding 5 cents to $24.98 on volume of about 33,000 shares.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock followed the upward trend.

The preferreds (NYSE: COFPrI) were improving by 5 cents to $24.88 with about 32,000 shares trading.

Telecom giant AT&T, Inc.’s 5.35% global notes due 2066 were pushing higher.

The notes (NYSE: TBB) were rising 5 cents to $26.28 on volume of about 24,000 shares.

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