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Morning Commentary: Preferreds soften at market open; Annaly lower; JPMorgan paper improves
By Cristal Cody
Tupelo, Miss., Sept. 1 – Preferreds opened Friday with a mixed tone ahead of the long holiday weekend.
The U.S. iShares Preferred Stock ETF (NYSE: PFF) slipped 21 cents, or 0.54%, to $38.84 in early trading.
Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating-rate cumulative redeemable preferred shares (NYSE: NLYPrF) erased gains made in the previous session in trading over the morning.
The preferreds were down 14 cents at $25.09 in mid-morning trading after going out on Thursday up 13 cents at $25.23.
Hospitality Trust Inc.’s 7.5% series H cumulative redeemable preferred shares (NYSE: AHTPrH) that priced in an $85 million deal on Aug. 16 were down 2 cents at $24.88.
In other trading, JPMorgan Chase & Co.’s 5.5% series O non-cumulative perpetual preferred stock (NYSE: JPM-PD) traded over the morning and were up 10 cents at $25.50.
Market action is expected to remain thin on Friday.
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