Bank of America preferreds improve; Capital One slides; AT&T $25-par notes decline

By James McCandless

San Antonio, July 13 – The preferred market saw another day of declines as the week came to a close Friday.

Bank of America Corp.’s 6% series GG non-cumulative preferred stock improved to end the week.

The preferreds (NYSE: BACPrB) were up 2 cents to close at $26.39 with about 329,000 shares trading.

On Thursday, the preferreds lost 4 cents.

Capital One Financial Corp.’s 6.2% series F non-cumulative perpetual preferred stock fell.

The preferreds (NYSE: COFPrF) were down 22 cents to close at $26.45 on volume of about 271,000 shares.

Meanwhile, AT&T, Inc.’s 5.35% $25-par global notes due 2066 declined after the Department of Justice announced late Thursday that it would appeal a federal judge’s decision that allowed the company’s merger with Time Warner.

The judge in the original case ruled in favor of the AT&T and Time Warner merger after a lengthy antitrust lawsuit in which the government claimed the move would harm consumer choice.

The preferreds (NYSE: TBB) were down 7 cents to close at $25.35 with about 263,000 shares exchanged.

On Thursday, the preferreds had closed unchanged.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.26% at market close, holding at that level from early trading on Friday.

The iShares US Preferred Stock ETF was down 21 cents at $37.67.

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