Morning Commentary: Citigroup preferreds decline; Ladenburg Thalmann skyrockets

By James McCandless

San Antonio, Sept. 10 – Citigroup Inc.’s 6.875% series L non-cumulative preferred stock began the week lower, leading secondary activity.

The preferreds (NYSE: CPrL) were down 4 cents to $25.72 on volume of about 75,000 shares.

Ladenburg Thalmann Financial Services Inc.’s 8% series A cumulative redeemable preferred stock was shooting up early Monday.

The preferreds (NYSE: LTSPrA) jumped 70 cents to $25.00 with about 63,000 shares trading before pulling back slightly. The preferreds were last at $24.92, up 62 cents.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% in early trading, adding to the 0.38% decline on Friday.

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