Midday Commentary: Preferreds hold in while rest of equity market dips; Entergy bonds list

By Stephanie N. Rotondo

Phoenix, July 6 - Preferred stocks "have moved up slightly" despite a weakening straight equity market, a trader said Friday.

"I thought we'd see a little sell-off with the market down again," he said. "But everything is holding in there."

Still, with many players away from their desks, activity remained muted.

"It might pick up next week when people get back from vacation," the trader said.

Entergy Louisiana LLC's recent $200 million offering of 5.25% $25-par first mortgage bonds due July 1, 2052 officially listed on the New York Stock Exchange Friday. The ticker symbol is "ELJ."

"It seems to be doing well," a trader said.

Paper was trading at $25.40 at midday.

The Baton Rouge, La.-based subsidiary of Entergy Corp. priced the deal June 26. Proceeds will be used for general corporate purposes.

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