Morning Commentary: Preferreds better; Wells Fargo, Morgan Stanley active, gain; Golar flat

By Cristal Cody

Tupelo, Miss., Oct. 31 – Preferred stocks improved as the market opened on Tuesday with indexes up.

The Wells Fargo Hybrid and Preferred Securities index was 18 basis points better at the start of the session.

The U.S. iShares Preferred Stock ETF climbed 16 bps.

Bank and financial preferreds were active in early trading.

Wells Fargo & Co.’s 8% series J non-cumulative perpetual preferred stock was up 4 cents, or 0.16%, to $25.55 on strong volume.

Morgan Stanley’s series K non-cumulative preferred shares gained 18 cents, or 0.67%, to $26.93 over the morning.

In other trading early Tuesday, Golar LNG Partners LP’s new 8.75% series A perpetual cumulative redeemable preferred units were flat at $25.09.

Golar LNG Partners sold $120 million of the preferred units, which were issued the temporary symbol “GOLPF” on Oct. 24 at $25.00 per unit.

The Hamilton, Bermuda-based owner and operator of liquid natural gas carriers will apply to list the preferred units on the Nasdaq Global Select Market under the symbol “GMLPP.”

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