Morning Commentary: AT&T $25-par notes decline on antitrust appeal; Legg Mason rises

By James McCandless

San Antonio, July 13 – AT&T Inc.’s 5.35% global notes due 2066 declined in early trading on Friday in the preferred market following reports late Thursday that the Department of Justice plans to appeal a federal judge’s decision allowing AT&T to merge with Time Warner.

The merger was originally allowed following a lengthy antitrust lawsuit in which the government claimed the move would harm consumer choice.

The AT&T notes (NYSE: TBB) were down 7 cents to $25.35 on volume of about 94,000 securities in early trading.

Separately, Legg Mason, Inc.’s 5.45% junior subordinated notes due 2056 saw gains in early trading. The company reported Friday that preliminary assets under management were worth $744.6 billion for June.

The $25-par notes (NYSE: LMHB) were up 20 cents to $24.57 with about 59,000 shares exchanged.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.26% in early trading, adding to the 0.06% decline at the market close on Thursday.

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