Midday Commentary: Market subdued as BofA reports; First Republic frees up; JPMorgan over par

By Stephanie N. Rotondo

Phoenix, April 17 - A preferred stock trader said the market was on the quiet side Wednesday, even as Bank of America Corp. reported earnings.

"They didn't beat estimates, but they were strong," he said, opining that investors seemed "pretty comfortable" with the numbers.

The trader also said he had heard that there was not going to be any new issues announced for the remainder of the week, especially given that the Women's Syndicate Association's annual cocktail reception was set to occur on Thursday in New York.

"We may see something out of [Bank of America], but probably not until the first of the week," he said.

First Republic Bank's $175 million issue of 5.5% series D noncumulative preferreds freed to trade at midday, after pricing on Tuesday.

A trader quoted the issue at $24.85 bid, par offered.

Also from Tuesday, JPMorgan Chase & Co.'s $1.5 billion offering of 5.15% $1,000-par series Q fixed-to-floating rate noncumulative preferreds were pegged at "101 locked," according to a trader.

In new listings, STAG Industrial Inc.'s $62.5 million of 6.625% series B cumulative redeemable preferreds hit the New York Stock Exchange on Wednesday.

The deal priced April 9. The ticker symbol is "STAGPB."

Paper was trading at $25.05 at midday, down 7 cents from the previous day's close.

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