Morning Commentary: AT&T down as company plans streaming service; Public Storage lower

By James McCandless

San Antonio, April 20 – AT&T Inc.’s preferreds were declining early Friday as its antitrust trial against the Department of Justice over its attempted merger with Time Warner continues.

CEO Randall Stephenson told the court on Thursday that the merger was necessary for the company to compete against large internet-related companies.

On Friday morning, the company announced that it would be launching a live TV streaming service in the coming weeks.

With about 24,000 shares traded early Friday, the preferreds were down 5 cents to $24.98.

Public Storage’s 5.625% series U preferreds were down in early trading as the company is expected to post first-quarter earnings on Friday.

Analysts expect the company to post an increase in revenues over last quarter.

The series U preferreds, seeing almost triple their normal volume with about 48,000 shares changing hands, dropped 8 cents to $25.04.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.04% in early trading on Friday, continuing a 0.16% loss at market close on Thursday.

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