Morning Commentary: Preferreds start day with losses; JPMorgan, CHS see high volume

By Abigail W. Adams

Portland, Me., Feb. 8 – After breaking into positive territory Wednesday, Thursday began as another down day for preferreds.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 6.26 points and the U.S. iShares Preferred Stock ETF was down 0.31% early in Thursday’s session.

CHS Inc.’s 7.5% class B cumulative redeemable preferred stock, series 4, which trades under the ticker “CHSCL,” was in focus and experiencing high volume trading on Thursday.

The preferreds were trading down 7 cents, or 0.25%, to $27.42 early in the session.

JPMorgan Chase & Co.’s depositary shares representing the company’s 6.15% series BB non-cumulative preferred stock and 6.1% series AA non-cumulative preferred stock were also trading down in above average trading volume.

The depositary shares representing the 6.15% preferred stock, which trades under the ticker “JPMPrH,” was down 6 cents, or 0.22%, to $25.59.

The depositary shares representing the 6.1% preferred stock, which trades under the ticker “JPMPrG,” was down 12 cents, or 0.47%, to $25.51.

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