Morning Commentary: Cherry Hill Mortgage preferreds slide; AT&T gains in early trading

By James McCandless

San Antonio, April 13 – Early trading in the preferred market trended upward on Friday.

Cherry Hill Mortgage Investment Corp. saw its series A preferreds slide in early trading as almost 50,000 shares changed hands, where average volume is about 10,000.

The company recently registered an at-the-market offering of up to $35 million of its 8.2% series A preferreds last week.

The preferreds were down 6 cents in early trading at $25.12.

AT&T Inc. started the morning actively with more than 36,000 shares trading so far on Friday.

The name has been the focal point in preferred trading as it works through an antitrust trial against the Department of Justice over AT&T’s attempted merger with Time Warner.

The preferreds were up 12 cents on Friday morning to $25.08.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% on Friday morning after closing down 0.04% at the close of trading on Thursday.

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