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Preferreds improve; American Realty dips as former CEO blamed for accounting mishap
By Stephanie N. Rotondo
Phoenix, Dec. 18 – Preferred stocks were firming up again Thursday as investors continued to react positively to the Federal Reserve statement that came out Wednesday.
One trader said it appeared that the central bank was in no hurry to raise rates, speculating that they could wait until 2016 to do so.
“That’s a positive, I believe,” he said.
The Wells Fargo Hybrid and Preferred Securities index closed the session up 22 basis points.
But not every name was benefitting from the day’s gains.
American Realty Capital Properties Inc.’s paper came in as the company’s ex-chairman, Nicholas Schorcsh, was accused of ordering the accounting changes that resulted in the company firing two of its executives.
Schorsch exited the company on Friday, according to a statement released on Monday. Two other top executives followed him. No definitive reason was given by the company for any of those departures.
Meanwhile, an early rebound in oil prices was pushing up Vanguard Natural Resources LLC’s preferred issues.
Though oil eventually ended weaker, the preferreds held their ground.
The 7.875% series A cumulative redeemable preferred units (Nasdaq: VNRAP) were up $1.61, or 8.35%, at $20.90. The 7.625% series B cumulative redeemable preferred units (Nasdaq: VNRBP) increased 67 cents, or 3.71%, to $18.71, and the 7.75% series C cumulative redeemable preferred units (Nasdaq: VNRCP) gained 64 cents, or 3.56%, to $18.63.
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