Midday Commentary: Syria, holidays could push deal flow back; San Diego Gas calls all preferreds

By Stephanie N. Rotondo

Phoenix, Sept. 4 - The preferred stock market was seeing a "pretty decent uptick" during Wednesday trading, a trader said.

Still, investors were keeping an eye on a congressional vote regarding military action against Syria.

"That will probably go through and put pressure on the market," the trader commented.

What happens in regards to Syria could also push back the new issue calendar, which was expected to be heavier in September. Upcoming Jewish holidays might also hold the deal flow back.

"Once everybody gets back to work, that is probably when things will start coming out," the trader said.

In the news, San Diego Gas & Electric announced a redemption of all of its outstanding preferred and preference shares late Tuesday. The power company said the redemption will take place on Oct. 15.

All told, about $81.5 million securities will be redeemed.

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