Morning Commentary: Bank of America’s new preferreds active in early trading; SoCal Edison up

By James McCandless

San Antonio, May 11 – Bank of America Corp.’s new $1.2 billion issue of 6% series GG non-cumulative preferred stock neared the end of the week leading the preferred market with about 292,000 shares trading early Friday.

The new preferreds were up 2 cents at $25.05.

Southern California Edison Co., a subsidiary of Edison International, saw its 5.45% cumulative fixed-to-floating rate trust preference securities quadruple their normal trading volume with about 176,000 shares exchanged.

Last week, Edison International reported earnings that fell below expectations at 80 cents per share while beating revenue targets at around $5.56 billion.

The securities were up 23 cents at $25.38.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.14% in early trading after ending level at market close Thursday.

© 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.