Midday Commentary: JPMorgan preferreds dip again in trading; market trading volumes thin

By Christine Van Dusen

Atlanta, Jan. 28 - The new issue of securities from JPMorgan Chase & Co. on Tuesday slipped in trading as the preferred stock market stayed quiet and investors remained in wait-and-see mode.

JPMorgan's recent $850 million issue of $25-par fixed-rate perpetual preferred securities came to the market with a 6.7% dividend. On Tuesday morning the notes traded between $24.65 and $24.75, a trader said.

On Monday the notes were quoted between $24.80 and $24.90.

In other trading among preferred securities on Tuesday, Aegon NV's 6.5% perpetual capital securities moved up a penny to $24.33 on volume totaling a paltry 58,261.

Countrywide Capital V's 7% capital securities dipped 2 cents to $25.46 on 37,766 shares traded.

And Morgan Stanley Capital Trust VII's 6.6% capital securities rose 2 cents to $25.00 on just 27,640 shares traded.

"It's really quiet," the trader said.

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