Midday Commentary: Preferreds gain amid muted volume; BreitBurn's cumulative units list on Nasdaq

By Stephanie N. Rotondo

Phoenix, May 22 - A preferred stock trader said the market was quieting down as people prepared for the three-day Memorial Day holiday.

"Tomorrow is going to be even worse," he said.

Still, the market was generally firm, after losing some ground in the previous session.

The Wells Fargo Hybrid and Preferred Securities index was up 7 basis points at mid-morning.

BreitBurn Energy Partners LP's $175 million of 8.25% series A cumulative redeemable perpetual preferred units - a deal that priced May 14 - began trading on the Nasdaq on Thursday.

The ticker symbol is "BBEPP."

Paper was trading at $25.14 at mid-morning, up from opening levels of $25.05.

On Monday, the Los Angeles-based oil and gas partnership said it $25 million over-allotment option had been fully exercised.

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