Morning Commentary: Citizens Financial active, flat; AT&T better; Entergy Arkansas sinks

By James McCandless

San Antonio, Dec. 19 – The preferred space began the morning with gains for top traders while the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.06%.

At the top of early trading volume, Citizens Financial Group, Inc.’s 5% series E fixed-rate non-cumulative perpetual preferred stock was active but unmoved so far.

The preferreds (NYSE: CFGPrE) were level at $24.83 on volume of about 71,000 shares.

Elsewhere in the finance space, Charles Schwab Corp.’s 5.95% series D non-cumulative perpetual preferred stock was jumping higher.

The preferreds (NYSE: SCHWPrD) were improving by 16 cents to $26.53 with about 55,000 shares trading.

Sector peer AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferreds also opened the session positively.

The preferreds (NYSE: EQHPrA) were adding 3 cents to $25.59 on volume of about 49,000 shares.

Telecom service provider AT&T Inc.’s 5% series A perpetual preferred stock followed volume leaders upward.

The preferreds (NYSE: TPrA) were gaining 6 cents to $25.75 with about 69,000 shares trading.

Meanwhile, utilities name Entergy Arkansas, Inc.’s 4.875% first mortgage bonds due 2066 were declining.

The bonds (NYSE: EAI) were losing 9 cents to $26.15 on volume of about 62,000 bonds.

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