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Morning Commentary: JPMorgan’s 5.75% preferreds up; CHS off on misconduct report
By James McCandless
San Antonio, Oct. 29 – The preferred space opened a new week on lower volume, seeing general improvement with pockets of weakness.
The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.16% in early trading.
Leading the secondary, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock rose at the start of Monday’s session, outpacing the rest of the market on volume.
The preferreds (NYSE: JPMPrD) were up 8 cents to $25.09 on volume of about 529,000 shares.
Elsewhere in the financial sector, Wells Fargo & Co.’s 6% series V non-cumulative perpetual class A preferred stock also improved.
The preferreds (NYSE: WFCPrV) were up 13 cents to $25.55 with about 31,000 shares trading.
Morgan Stanley’s 6.625% series G non-cumulative preferreds were also following financial names upward.
The preferreds (NYSE: MSPrG) were up 8 cents to $25.66 on volume of about 29,000 shares.
Meanwhile, integrated agriculture company CHS, Inc.’s 7.5% series 4 class B cumulative redeemable preferreds opened lower in early activity.
The preferreds (Nasdaq: CHSCL) were down 38 cents to $26.62 with about 31,000 shares trading.
Over the weekend, news broke that an employee had been fired for “intentional misconduct,” overstating the company’s profits for the last four fiscal years by as much as $190 million in Securities and Exchange Commission documents.
The company told investors that financial statements from that time period were not accurate and would have to be restated.
In the insurance space, Allstate Corp.’s 6.25% series F fixed-rate non-cumulative perpetual preferreds were trading higher.
The preferreds (NYSE: ALLPrF) were up 21 cents to $25.83 on volume of about 29,000 shares.
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