Morning Commentary: AT&T lifted; Wells Fargo preferreds diverge; Chimera gains

By James McCandless

San Antonio, July 15 – In the middle of the week, the preferred space opened positive with the Wells Fargo Hybrid & Preferred Securities Financial index starting up by 0.28%.

At the top of early Wednesday trading, telecom company AT&T, Inc.’s 4.75% series C perpetual preferred stock was being lifted.

The preferreds (NYSE: TPrC) were up 3 cents to $24.03 on volume of about 57,000 shares.

Meanwhile, in the finance space, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was rising while its 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock was under pressure.

The series Z preferreds (NYSE: WFCPrZ) were picking up 9 cents to $23.08 with about 37,000 shares trading.

The series Q preferreds (NYSE: WFCPrQ) were shedding 3 cents to $24.47 with about 33,000 shares trading.

Sector peer U.S. Bancorp’s series B floating rate non-cumulative perpetual preferred stock kicked off the session following the prevailing trend.

The preferreds (NYSE: USBPrH) were gaining 14 cents to $19.95 on volume of about 24,000 shares.

Morgan Stanley’s series A floating rate non-cumulative preferred stock were also moving along the upward track.

The preferreds (NYSE: MSPrA) were improving by 22 cents to $21.72 with about 24,000 shares trading.

Elsewhere, real estate investment trust Chimera Investment Corp.’s 8% series B fixed-to-floating rate cumulative redeemable preferreds were picking up steam.

The preferreds (NYSE: CIMPrB) were tacking on 33 cents to $18.63 on volume of about 33,000 shares.

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