Morning Commentary: AT&T preferreds positive; NuStar rises; Entergy Louisiana improves

By James McCandless

San Antonio, July 1 – The preferred market started with uniform gains on Wednesday morning as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 0.29%.

At the top of early secondary trading, AT&T Inc.’s 4.75% series C perpetual preferred stock was on the positive side.

The preferreds (NYSE: TPrC) were up 2 cents to $23.93 on volume of about 83,000 shares.

Elsewhere in the telecom space, Qwest Corp.’s 6.875% notes due 2054 were also receiving a boost in early activity.

The notes (NYSE: CTV) gained 43 cents to $25.04 with about 59,000 notes trading.

In oil and gas, NuStar Energy LP’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred units followed the early trend.

The preferreds (NYSE: NSPrA) were rising 57 cents to $17.84 on volume of about 42,000 shares.

Meanwhile, utilities provider Entergy Louisiana LLC’s 4.7% $25-par first mortgage bonds due 2063 were improving.

The bonds (NYSE: ELU) were adding 11 cents to $25.20 with about 35,000 bonds trading.

Financial services name Citigroup, Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds were on a positive track.

The preferreds (NYSE: CPrK) were tacking on 13 cents to $26.54 on volume of about 31,000 shares.

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