Morning Commentary: AT&T and Allstate preferreds slide as broader market declines

By James McCandless

San Antonio, April 17 – AT&T Inc.’s preferreds started Tuesday trading down as investors await the testimony from the CEOs of AT&T and Time Warner as the companies fight an antitrust lawsuit filed by the Department of Justice over their attempt to merge.

The focal point of the trial has been whether the merger, if allowed, would benefit or harm the average consumer.

In all, 70,000 of AT&T’s preferred shares had changed hands in early Tuesday trading.

The preferreds were down 3 cents to $25.04.

Allstate Corp.’s $500 million of $25-par 5.625% series G perpetual preferred shares, which have been leading in volume in the secondary market, were spotted trading down in early trading on Tuesday.

About 50,000 shares had been exchanged.

The series G preferreds were down 5 cents to $25.30.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.03% Tuesday morning, reversing the 0.03% gain at the market close on Monday.

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