AT&T’s preferreds up slightly as trial continues; Allstate’s preferreds end lower

By James McCandless

San Antonio, April 11 – The preferred market saw mixed trading on Wednesday as some preferreds were dragged down with the broader equity markets, traders said.

AT&T Inc.’s preferreds ended up slightly, fluctuating throughout the day as new developments surface in its antitrust trial.

Allstate Corp. led in the secondary market again with its recent $500 million issue of $25-par series G perpetual preferred shares, declining by the end of trading.

Citigroup Inc.’s series N preferred stock continued to trade up as the week continues.

The preferreds traded up 10 cents to close at $27.32.

AT&T’s preferreds fluctuated during trading, seeing more than 168,000 shares trade hands Thursday as the company continues its trial with the Department of Justice over its attempted merger with Time Warner.

The government called a witness Wednesday, an economics professor, who testified that the merger would be harmful to consumers if allowed.

The news cut an early 8 cent gain in the preferreds to 1 cent as it closed at $25.33.

Meanwhile, Allstate’s recently priced $500 million of $25-par 5.625% series G perpetual preferred shares traded negatively after a few weeks of positive trends, with 171,000 shares trading.

The series G preferreds lost 1 cent to close at $25.25 on Wednesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.