Morning Commentary: Preferreds firm up ahead of FOMC release; oil and gas names catching a break

By Stephanie N. Rotondo

Phoenix, Dec. 17 – Preferred stocks were rebounding early Wednesday as the market looked to the Federal Reserve’s latest policy statement.

The Federal Open Market Committee will release the statement at 2 p.m. ET following the end of its two-day meeting.

The Wells Fargo Hybrid and Preferred Securities index was up 10 basis points at mid-morning.

Ahead of that release, energy names were moving up, though oil prices continued to weaken.

Vanguard Natural Resources LLC’s 7.625% series B cumulative redeemable preferred units (Nasdaq: VNRBP) were up 68 cents, or 4.04%, at $17.52 in early trading.

However, while the market was generally firmer, American Realty Capital Properties Inc.’s 6.7% series F cumulative redeemable preferred stock (Nasdaq: ARCPP) remained under pressure, as it has been since Monday when the company announced the departure of its top three executives – including its co-founder.

Those shares were off 7 cents at $21.02.

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