PG&E preferreds drop on planned bankruptcy; Citigroup drops; Stanley Black & Decker down

By James McCandless

San Antonio, Jan. 14 – Replicating the negativity experienced Friday, the preferred space started a new week moving lower.

Leading trading volume, PG&E Corp.’s 6% cumulative nonredeemable first preferred stock saw a multi-point drop after the company said it will file for bankruptcy.

Meanwhile, in finance, Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferreds declined.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds were gaining.

JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds joined the downward trend.

Toolmaker Stanley Black & Decker, Inc.’s 5.75% junior subordinated debentures due 2052 were also negative.

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