Midday Commentary: Preferred market under pressure; Costamare's new deal steady; Duke declines

By Stephanie N. Rotondo

Phoenix, Aug. 1 - The first day of August saw preferred stocks slipping, according to a trader.

"Things are generally weaker," he said. "It's another boring day of slowly losing money."

There were no new issues announced as of midday and the trader said he wasn't hearing talk of anything planned for the coming weeks.

Costamare Inc.'s $50 million of 7.625% series B cumulative redeemable preferreds - a deal that priced Tuesday - were meantime hanging in a $24.60 to $24.70 range, a trader said.

In the secondary, Duke Realty Corp.'s 6.6% series L cumulative preferreds (NYSE: DREPL) were active but weaker, falling 4 cents to $24.95 at midday.

The decline came despite the company reporting a swing to profit for the second quarter late Wednesday. The real estate investment trust said the earnings were boosted by property sales.

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