Morning Commentary: AXA preferreds improve; AT&T gaining; NuStar Energy trades higher

By James McCandless

San Antonio, Dec. 17 – The preferred space started the session positively with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.09%.

The top trader in the secondary so far, AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferred stock was leading the upward push.

The preferreds (NYSE: EQHPrA) were up 7 cents to $25.35 on volume of about 291,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferred stock was also rising.

The preferreds (NYSE: COFPrI) were adding 7 cents to $24.99 with about 119,000 shares trading.

Sector peer First Republic Bank’s 4.7% series J non-cumulative perpetual preferreds followed the trend.

The preferreds (NYSE: FRCPrJ) were improving by 4 cents to $25.07 on volume of about 61,000 shares.

Telecom provider AT&T Inc.’s recent 5% series A perpetual preferred stock was gaining ground as the morning kicked off.

The preferreds, trading under the temporary symbol “ATATL,” were picking up 5 cents to $25.49 with about 61,000 shares trading.

Meanwhile, oil and gas name NuStar Energy LP’s 7.625% series B fixed-to-floating rate cumulative redeemable perpetual preferred units were stalking higher.

The preferreds (NYSE: NSPrB) were shooting up 11 cents to $21.43 on volume of about 50,000 shares.

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