Midday Commentary: Gastar Exploration's 10.75% preferreds admitted to NYSE; Fannie, Freddie mixed

By Stephanie N. Rotondo

Phoenix, Nov. 8 - Preferred stocks were faltering in Friday trading, according to the Wells Fargo Hybrid and Preferred Securities index.

The index was off 30 basis points around midday.

As was scheduled, Gastar Exploration USA Ltd.'s $50 million of 10.75% series B cumulative perpetual preferred stock listed on the New York Stock Exchange on Friday under the ticker symbol "GSTPB."

The deal priced Oct. 29. The preferreds were trading at $25.19 at midday, down from opening levels of $25.24.

Fannie Mae and Freddie Mac were meantime trading in mixed fashion just one day after the agencies reported another round of huge profits. The preferreds were stronger as of Thursday's close but were hampered by the fact that the OTC markets were down for most of that session.

In early Friday trading, Fannie's 8.25% series S fixed-to-floating rate noncumulative preferreds (OTCBB: FNMAS) were down 4 cents at $8.21 and Freddie's 8.375% fixed-to-floating rate noncumulative perpetual preferreds (OTCBB: FMCKJ) were up 13 cents, or 1.59%, at $8.33.

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