Midday Commentary: Market 'slightly positive,' subdued; JPMorgan's series Js weaken on call news

By Stephanie N. Rotondo

Phoenix, Aug. 2 - The preferred stock market was "slightly positive to flat with the little bump in Treasuries," a trader said Friday.

Still, overall activity was light aside from a stray issue or two, and the new issue calendar remained radio silent.

JPMorgan Chase & Co.'s 8.625% series J noncumulative preferreds (NYSE: JPMPI) were trading busily, however, in response to news out late Thursday regarding a redemption of all $1.8 billion of the preferreds.

The preferreds were trading off 11 cents at midday to $24.98.

The call will take place Sept. 3.

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