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AT&T’s preferreds up slightly as trial continues; Allstate’s preferreds end lower
By James McCandless
San Antonio, April 11 – The preferred market saw mixed trading on Wednesday as some preferreds were dragged down with the broader equity markets, traders said.
AT&T Inc.’s preferreds ended up slightly, fluctuating throughout the day as new developments surface in its antitrust trial.
Allstate Corp. led in the secondary market again with its recent $500 million issue of $25-par series G perpetual preferred shares, declining by the end of trading.
Citigroup Inc.’s series N preferred stock continued to trade up as the week continues.
AT&T ends positive
AT&T’s preferreds fluctuated during trading, seeing more than 168,000 shares trade hands Thursday as the company continues its trial with the Department of Justice over its attempted merger with Time Warner.
The government called a witness Wednesday, an economics professor, who testified that the merger would be harmful to consumers if allowed.
The news cut an early 8 cent gain in the preferreds to 1 cent as it closed at $25.33.
Allstate down
Allstate’s recently priced $500 million of $25-par 5.625% series G perpetual preferred shares traded negatively after a few weeks of positive trends, with 171,000 shares trading.
The series G preferreds lost 1 cent to close at $25.25 on Wednesday.
Citigroup active
Citigroup tacked on another active day for its series N preferreds, leading the market in volume with almost 278,000 shares being exchanged in what is nearly 150% more volume than average for the stock.
“Another big day for Citigroup,” a trader said. “Not much behind it other than people liking financial names right now.”
The preferreds traded up 10 cents to close at $27.32.
Indexes mixed
The Wells Fargo Hybrid & Preferred Securities Financial index ended the day down 0.05% after being up 0.03% in morning trading.
The iShares US Preferred Stock ETF ended Wednesday level at $37.30.
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