Morning Commentary: Morgan Stanley improves; Maiden Holdings, Energy Transfer lower

By James McCandless

San Antonio, Dec. 7 – The preferred market started the Friday session positive as the Wells Fargo Hybrid & Preferred Securities Financial index was up 0.27%.

Leading secondary trading volume, Morgan Stanley’s series A floating-rate non-cumulative preferred stock was improving at the start of trading.

The preferreds (NYSE: MSPrA) were up 11 cents to $19.22 on volume of about 97,000 shares.

Elsewhere in the finance space, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was also higher.

The preferreds (NYSE: GSPrD) started better by 17 cents to $18.72 with about 88,000 shares trading.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were trending positive.

The preferreds (NYSE: JPMPrD) rose 14 cents to $24.69 on volume of about 80,000 shares.

In the insurance sector, Maiden Holdings Ltd.’s 7.125% series C non-cumulative preferreds were falling at the beginning of Friday trading.

The preferreds (NYSE: MHPrC) sank 85 cents to $7.00 with about 78,000 shares trading.

Meanwhile, in energy, Energy Transfer Partners LP’s 7.625% series D fixed-to-floating rate cumulative redeemable perpetual preferred units were declining.

The preferreds (NYSE: ETPPrD) were down 5 cents to $22.80 on volume of about 47,000 shares.

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