Morning Commentary: AXA preferreds improve; AT&T gets lift; Allstate active, level

By James McCandless

San Antonio, Dec. 20 – The Friday open in preferred trading began on a positive trend with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.04%.

Leading in the morning’s activity, AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferred stock was gaining ground so far.

The preferreds (NYSE: EQHPrA) were up 3 cents to $25.63 on volume of about 75,000 shares.

Elsewhere in the finance space, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also improving.

The preferreds (NYSE: ALLYPrA) were rising 8 cents to $26.10 with about 52,000 shares trading.

Sector peer Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were under pressure.

The preferreds (NYSE: COFPrI) were losing 2 cents to $25.18 on volume of about 36,000 shares.

Telecom giant AT&T Inc.’s 5% series A perpetual preferred stock started the session on a positive track.

The preferreds (NYSE: TPrA) were adding 4 cents to $25.85 with about 63,000 shares trading.

Elsewhere, insurance provider Allstate Corp.’s 5.1% series H fixed-rate non-cumulative perpetual preferreds were relatively active but unchanged in Friday morning trading.

The preferreds (NYSE: ALLPrH) were level at $25.88 on volume of about 36,000 shares.

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