Morning Commentary: SoCal Edison opens down in slow start for market; Bank of America preferreds up

By James McCandless

San Antonio, May 25 – Southern California Edison Co., a subsidiary of Edison International, saw its 5% cumulative trust preference securities start Friday among the most active issues in the preferred market with about 218,000 shares exchanged so far.

Recently, Edison International reported earnings that fell below expectations at 80 cents per share while beating revenue targets at around $5.56 billion.

The securities (NYSE: SCEPrL) were down 3 cents to $22.48.

Bank of America Corp.’s recent $1.2 billion issue of 6% series GG non-cumulative preferred stock (NYSE: BACPrB) traded about 152,000 shares as the end of the week neared.

The preferreds were up 3 cents to $25.38 in early trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.20% in early trading, adding to the 0.61% jump at the market close on Thursday.

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