Morning Commentary: Preferred stocks mixed as week starts; Fannie remains busy; Dow levels eyed

By Stephanie N. Rotondo

Seattle, Jan. 9 – The preferred stock market was mixed in early Monday dealings, according to market sources.

The Wells Fargo Hybrid and Preferred Securities index was up 6 basis points at mid-morning, though the iShares U.S. Preferred Stock index was off 8 bps.

Still, the session’s early movers – those issues trading most actively – were all on the positive side.

Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS), for instance, were up a penny at $8.00.

AXIS Capital Holdings Ltd.’s 5% series E noncumulative preferreds (NYSE: AXSPrE) were meantime 7 cents better at $22.47.

And, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferreds (NYSE: ALLYPrA) were up 3 cents at $25.55.

The up-and-down performance of the preferred market followed that of the common equity markets, as the Dow Jones industrial average attempts to hit the 20,000-mark for the first time in history. The index came close to hitting those levels on Friday but pared gains before it could reach the peak.

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