Midday Commentary: Preferreds hold in despite mixed earnings from GE Capital, Morgan Stanley

By Stephanie N. Rotondo

Phoenix, Jan. 17 - Preferred stocks were slightly firm on Friday as earnings continued to roll out.

However, liquidity was muted, even as General Electric Capital Corp. reported a decent profit and Morgan Stanley Co. Inc. posted a dip in profit.

A trader also noted that there was "some follow-through" in Fannie Mae and Freddie Mac preferreds. The shares had popped on Thursday following word that some members of Congress would consider selling the agencies to private investors.

The Wells Fargo Hybrid and Preferred Securities index was up 7 basis points as of mid-morning.

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