Morning Commentary: AT&T preferreds improve as executives expected to testify; Allstate slides

By James McCandless

San Antonio, April 18 – AT&T Inc.’s preferreds were trading up early Wednesday as traders continue to watch the company’s antitrust trial against the Department of Justice over AT&T’s attempted merger with Time Warner.

On Wednesday, the CEOs of both companies are expected to testify in favor of the merger.

The trial has focused on whether the merger would benefit or harm consumer choice.

About 50,000 shares of the AT&T preferreds had traded hands Wednesday morning.

The preferreds were up 2 cents at $25.06.

Allstate Corp.’s recent $500 million pricing of $25-par 5.625% series G perpetual preferred shares, continuing to lead in the secondary market, were down in early trading.

About 33,000 shares had been exchanged so far.

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

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.08% Wednesday morning after closing up 0.13% at the market close on Tuesday.

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