Morning Commentary: U.S. Bancorp down; Gastar plummets

By James McCandless

San Antonio, Aug. 10 – U.S. Bancorp’s new $575 million of 5.5% series K non-cumulative perpetual preferred stock declined as the preferred market headed towards the end of the week.

The preferreds, trading under the temporary symbol “USBLL,” were down 4 cents to $25.05 on volume of about 99,000 shares.

The issue had previously been gaining since its pricing on Tuesday.

On Wednesday, the preferreds rose to $25.06 in their first day of training. They then added another 3 cents on Thursday to close at $25.09 on volume.

Also in trading Friday morning, Gastar Exploration Inc.’s 8.625% series A cumulative preferred securities plummeted a day after the company reported a 7 cents per share loss in its second quarter earnings report, falling short of analyst expectations of a 5 cents per share loss.

The preferreds (NYSE: GSTPrA) were down $1.42 to $3.35 with about 88,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.10% in early trading after declining 0.10% at market close Thursday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.