JPMorgan shifts upward; AT&T preferreds rise; Chimera negative

By James McCandless

San Antonio, July 2 – Closing out the holiday-shortened week, the preferred space saw sweeping improvements.

Leading the secondary market, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferreds rose 14 cents to close at $25.30 on volume of about 250,000 shares.

Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities tacked on 5 cents to close at $22.76 with about 163,000 shares trading.

Sector peer Bank of America Corp.’s 5% series LL non-cumulative preferreds improved by 10 cents to close at $25.46 on volume of about 143,000 shares.

improved by 10 cents to close at $25.46 on volume of about 143,000 shares.

Telecom services provider AT&T Inc.’s 4.75% series C perpetual preferred shares moved up 18 cents to close at $24.18 with about 156,000 shares trading.

Meanwhile, REIT Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferreds shaved off 1 cent to close at $19.75 on volume of about 119,000 shares.

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