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Morning Commentary: JPMorgan preferreds push higher; AT&T improves; Annaly trails
By James McCandless
San Antonio, July 24 – The preferred market was modestly positive early Friday with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.01%.
At the top of early secondary trading volume, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was pushing higher.
The preferreds (NYSE: JPMPrJ) were up 15 cents to $26.93 on volume of about 152,000 shares trading.
Elsewhere in the banking space, First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock was weakening.
The preferreds (NYSE: FRCPrJ) were shaving off 15 cents to $25.35 with about 48,000 shares trading.
Meanwhile, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock started the session with an improvement.
The preferreds (NYSE: TPrC) were pushing up 11 cents to $24.73 on volume of about 50,000 shares.
Real estate investment trust Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were trailing.
The preferreds (NYSE: NLYPrF) were declining by 12 cents to $21.70 with about 39,000 shares trading.
In utilities, Southern Co.’s 6.25% series 2015A junior subordinated notes due 2075 were spotted gaining ground.
The notes (NYSE: SOJA) were up 6 cents to $25.74 on volume of about 22,000 notes.
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