Morning Commentary: Goldman Sachs preferreds lower; MetLife declines; Allstate improves

By James McCandless

San Antonio, Dec. 17 – Preferreds headed lower to start the week with the Wells Fargo Hybrid & Preferred Securities Financial index down 0.20%.

At the top of the secondary, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds traded negative.

The preferreds (NYSE: GSPrD) lost 26 cents to $17.74 on volume of about 82,000 shares.

On Monday, news broke that the Malaysian government has charged Goldman Sachs and two former employees with money laundering, alleging that $2.7 billion was diverted from 1Malaysia Development Bhd.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6.1% series AA non-cumulative preferred stock started the session lower.

The preferreds (NYSE: JPMPrG) were down 19 cents to $25.13 with about 66,000 shares trading.

Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds were also declining at Monday’s start.

The preferreds (NYSE: CPrK) were off by 4 cents to $25.83 on volume of about 49,000 shares.

In the insurance sector, MetLife, Inc.’s series A floating-rate non-cumulative preferred stock joined the negative trend.

The preferreds (NYSE: METPrA) were down 28 cents to $20.37 with about 35,000 shares trading.

Allstate Corp.’s 6.625% series E fixed-rate non-cumulative preferreds were gaining in early trading.

The preferreds (NYSE: ALLPrE) were up 3 cents to $25.42 on volume of about 35,000 shares.

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