Midday Commentary: Market stays weak; Goodrich's 9.75% preferreds free up; Integrys under pressure

By Stephanie N. Rotondo

Phoenix, Aug. 15 - Ongoing concerns about the Federal Reserve's plan to taper its stimulus program continued to push the preferred stock market down on Thursday.

"Everything is getting crushed," a trader said.

In the primary, Goodrich Petroleum Corp.'s $120 million of 9.75% series D cumulative preferreds freed to trade early in the session.

The issue came on Wednesday.

A trader said the paper was offered at $24.60 at midday.

Integrys Energy Group Inc.'s $400 million of 6% fixed-to-floating rate junior subordinated notes due 2073 were meantime seen falling all the way to $24.00. A trader said the issue was bid at $24.25 early on in the session, but once that got hit, it dipped.

Meanwhile, the secondary arena saw a fair bit of activity in Royal Bank of Scotland Group plc's preferreds. The foreign bank's shares were mixed, however, following a report from late Wednesday in which Fitch Ratings said a break-up of the firm could cost taxpayers more than if it stayed in one piece.

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