Morning Commentary: Goldman Sachs opens lower; AT&T’s $25-par notes off; STAG declines

By James McCandless

San Antonio, Dec. 14 –Preferreds opened generally lower Friday morning with the Wells Fargo Hybrid & Preferred Securities Financial index off by 0.16%.

Leading trading volume, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds opened lower.

The preferreds (NYSE: GSPrD) were down 16 cents to $18.07 on volume of about 68,000 shares.

Elsewhere in finance, Oaktree Capital Group, LLC’s 6.55% series B non-cumulative preferred units were also trending lower at the start of Friday’s session.

The preferreds (NYSE: OAKPrB) fell 19 cents to $23.11 with about 42,000 shares trading.

U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock declined.

The preferreds (NYSE: USBPrH) were down 9 cents to $18.59 on volume of about 37,000 shares.

In telecom, AT&T, Inc.’s 5.35% global notes due 2066 continued a negative trend into the tail end of the week.

The notes (NYSE: TBB) were down 7 cents to $22.49 with about 67,000 notes trading.

Real estate investment trust STAG Industrial Inc.’s 6.875% series C cumulative redeemable preferreds were also lower.

The preferreds (NYSE: STAGPrC) lost 18 cents Friday morning to $25.32 on volume of about 33,000 shares.

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