Morning Commentary: AT&T and Allstate preferreds active as secondary market shows early gains

By James McCandless

San Antonio, April 10 – Trading in the preferred market was active Tuesday morning as the broader market trended upward.

AT&T Inc.’s preferreds led again in trading. The company has received much attention since beginning a high-profile anti-trust lawsuit against the Department of Justice over the company’s attempted merger with Time Warner.

A recent $653 million IPO held for a minority share of its South American business has compounded the attention.

Traders saw the series B preferreds up 5 cents Tuesday morning at $25.32.

Allstate Corp.’s recent $500 million issue of 5.625% $25-par series G noncumulative perpetual preferred stock traded up early in the session.

The series B preferreds were seen 2 cents higher at $25.25 Tuesday morning.

Allstate is a Northbrook, Ill.-based insurance provider.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.09% after closing down 0.16% at the end of trading Monday.

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