Morning Commentary: Market holds amid new economic data; American Express steady; Goodrich up

By Stephanie N. Rotondo

Phoenix, Feb. 27 – After being strong all week, the preferred stock market was trading flat early in Friday’s session following a round of fresh economic data, including the latest consumer spending and pending home sales reports.

Even the new American Express Co. deal – $850 million of 4.9% $1,000-par series C fixed-to-floating rate noncumulative preferreds – was just treading water, as a trader quoted the issue at 99.75 bid, par offered.

The deal came Wednesday via Barclays, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets and Wells Fargo Securities LLC.

Meanwhile, Goodrich Petroleum Corp. reported a fourth-quarter loss on Friday. Despite the loss, a rebound in oil prices was helping the company’s preferreds gain momentum.

The 10% series C cumulative preferreds (NYSE: GDPPC) were up 45 cents, or 5.59%, at $8.50 in early trading. The 9.75% series D cumulative preferreds (NYSE: GDPPD) improved 73 cents, or 9.12%, to $8.73.

West Texas Intermediate crude was up 1.62% at mid-morning, and Brent was up 2.16%.

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