Ally trading heavy, preferreds up; Entergy released from syndicate; Public Storage firms

By Stephanie N. Rotondo

Portland, Ore., April 15 - The preferred stock market closed out Friday in the green, a market source said, though he noted that certain preferred stock indexes looked to be "fading" towards the end of business.

"In most cases, we were up 3 to 5 cents for the day," the source said.

Ally Financial Inc. was, by no surprise, one of the day's most actively traded names. Both the series A and B preferreds were better and a source opined it was due to "repositioning."

In new issues, Entergy Mississippi Inc.'s recent new deal "freed from the syndicate," according to a trader. However, the preferreds closed the day "pretty much unchanged."

In other news, a trader noted that Eagle Hospitality Properties Trust Inc. was an "interesting situation." The real estate investment trust's preferred holders recently secured the right to nominate two people to the company's board of directors, as stipulated in the terms of the security. The trader said that while most REITs have such a provision, "you rarely see preferred holders get the chance to [put people on the board]."

Ally Financial's series A 8.125% preferreds closed at $26, with about 1.6 million shares changing hands. The series B 8.5% preferreds ended the day at $25.50, on about 1.4 million shares trading.

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