PG&E preferreds tank; Ally Financial, Goldman Sachs gain; AT&T $25-par notes improve

By James McCandless

San Antonio, Jan. 7 – A new week in preferred trading led to positive trends with few outliers.

Leading trading volume at the end of the session was utilities name PG&E Corp.’s 6% first nonredeemable preferred stock.

The preferreds (NYSE: PCGPrA) ended the session down $1.35 to close at $17.82 on volume of about 569,000 shares.

The market continues to react to news from late Friday that the company is exploring the possibility of filing for bankruptcy within the next month.

Elsewhere, in finance, Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities ended with a slight gain.

The preferreds (NYSE: ALLYPrA) edge up 1 cent to close at $25.64 with about 505,000 shares trading.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds also saw positive movement.

The preferreds (NYSE: GSPrD) rose 16 cents to close at $18.26 on volume of about 463,000 shares.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock was active but level.

The preferreds (NYSE: JPMPrD) ended flat at $25.09 with about 384,000 shares trading.

In the telecom space, AT&T Inc.’s 5.35% global notes due 2066 improved again.

The notes (NYSE: TBB) were up 30 cents to close at $23.29 on volume of about 320,000 notes.

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