Morning Commentary: Bank of America rises; Stanley Black & Decker down; Hartford gains

By James McCandless

San Antonio, Nov. 21 – The preferred market started Wednesday’s session higher with light volume as the Wells Fargo Hybrid & Preferred Securities Financial index gained 0.25% early.

At the top of trading, Bank of America Corp.’s 5.875% series HH non-cumulative preferreds were leading the market higher.

The preferreds (NYSE: BACPrK) were up 16 cents to $24.45 on volume of about 57,000 shares.

Elsewhere in finance, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was also gaining.

The preferreds (NYSE: JPMPrD) were up 15 cents to $24.59 with about 56,000 shares trading.

First Republic Bank’s 5.5% series I non-cumulative perpetual preferred stock was also rising.

The preferreds (NYSE: FRCPrI) were up 3 cents to $23.30 on volume of about 32,000 shares.

Meanwhile, Insurance provider the Hartford Financial Services Group, Inc.’s 6% series G non-cumulative preferreds were improving at the start of the session.

The preferreds (NYSE: HIGPrG) gained 14 cents to $25.02 with about 26,000 shares trading.

Toolmaker Stanley Black & Decker, Inc.’s 5.75% junior subordinated debentures due 2052 were declining.

The debentures (NYSE: SWJ) were off 3 cents to $24.80 on volume of about 20,000 notes.

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