Morning Commentary: MetLife preferreds weaken; Goldman lower; Qwest $25-par notes dip

By James McCandless

San Antonio, Jan. 15 – The preferred space started the midpoint of the week negative with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.06%.

Continuing to drive secondary trading, MetLife, Inc.’s recent 4.75% series F non-cumulative preferred stock was losing ground early.

The preferreds, trading under the temporary symbol “METFL,” were down 13 cents to $25.26 on volume of about 226,000 shares.

Elsewhere, in the finance space, Goldman Sachs Group, Inc.’s 5.5% series J fixed-to-floating rate perpetual non-cumulative preferred stock opened under pressure.

The preferreds (NYSE: GSPrJ) were losing 5 cents to $27.29 with about 56,000 shares trading.

Early Wednesday, the company reported a $4.69 per share profit for the fourth quarter, lower than what analysts expected at $5.20 per share.

Sector peer First Republic Bank’s 4.7% series J non-cumulative perpetual preferred stock was following the market downward.

The preferreds (NYSE: FRCPrJ) were declining by 4 cents to $25.08 on volume of about 53,000 shares.

Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were also weakened at the start.

The preferreds (NYSE: COFPrI) were shaving off 4 cents to $25.27 with about 43,000 shares trading.

Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 opened the morning on the negative side.

The notes (NYSE: CTBB) were dropping 2 cents to $25.95 on volume of about 47,000 notes.

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