Morning Commentary: Preferred stocks rise, despite summer doldrums; primary space stays silent

By Stephanie N. Rotondo

Phoenix, July 23 – The summer doldrums were in full effect Wednesday, as a preferred stock trader lamented a lack of real activity.

“Things are just bouncing around a little bit,” he said. “There’s no real news driving preferreds or fixed income at all.”

The silence from the primary market was deafening.

“Everybody’s waiting,” a trader said of deal flow. “Now would be a good time to do it.”

As for the secondary market, it was modestly higher early in the midweek session.

The Wells Fargo Hybrid and Preferred Securities index was up 9 basis points at mid-morning.

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