Morning Commentary: AT&T preferreds up ahead of CEO court testimony; Barclays off

By James McCandless

San Antonio, April 19 – AT&T Inc.’s preferreds were trading up early Thursday as all eyes turn to the company’s antitrust trial against the Department of Justice over its attempted merger with Time Warner.

On Thursday, CEO Randall Stephenson is expected to testify in favor of the merger at the trial.

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

About 41,000 of AT&T’s preferred shares had traded early Thursday.

The preferreds were up 2 cents at $25.00.

Barclays plc’s preferreds were down to begin trading on Thursday on reports that it is receiving pressure to open a seat on its board to an activist investor and turn around low profits in its investment bank division.

The company recently signaled its interest in trading in cryptocurrencies.

The series D preferreds were down 7 cents to $26.10.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.22% in early trading on Thursday, extending a 0.01% loss at the market close on Wednesday.

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