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Morning Commentary: Preferred stocks mixed; Navios Maritime climbs; Freddie Mac up slightly
By Cristal Cody
Eureka Springs, Ark., Nov. 16 – Preferred stocks were mixed in early trading on Wednesday with new issuance likely on the backburner until December.
“Everything is moving north because we had a tremendous sell-off through Monday and it’s rebounded the last two days,” a trader said.
Navios Maritime Holdings Inc.’s preferreds “have jumped about 50% in the last three days,” the source said.
Navios Maritime Holdings’ 8.75% series G cumulative redeemable perpetual preferreds climbed $1.82, or 21.8%, to $10.17 in midday trading.
Housing-related preferred stocks were mixed in trading early Wednesday.
Freddie Mac’s 8.375% fixed-to-floating rate noncumulative preferreds (OYCBB: FMCKJ) were up 1 cent, or 0.2%, to $5.15.
Fannie Mae’s 8.25% series S fixed-to-floating rate noncumulative preferreds (OYCBB: FNMAS) rose 5 cents, or 0.91%, to $5.55 in early trading.
Fannie Mae’s 7.625% series R noncumulative preferreds (OTCBB: FNMAJ) were down 8 cents, or 1.64%, at $4.80 as the session got underway.
New issuance is likely to wait until December, the market source said.
“There’s a good trading range for issues because it’s bouncing around – it’s the kind of volatility we like to see but investors not so much,” the source said. “I don’t think we could bring [a new issue] with the market being hammered, so we’ll probably have to wait.”
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