Morning Commentary: JPMorgan preferreds rise; Teekay Offshore jumps; SoCal Edison drops

By James McCandless

San Antonio, Feb. 11 – The preferred space opened slightly higher with the Wells Fargo Hybrid & Preferred Securities Financial index kicking off a new week up by 0.07%.

Leading the secondary, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock and its 5.75% series DD non-cumulative preferred stock were both positive.

The series EE preferreds (NYSE: JPCPrC) were up 4 cents to $25.67 on volume of about 111,000 shares.

The series DD preferreds (NYSE: JPCPrD) were up 2 cents to $25.07 on volume of about 51,000 shares.

Elsewhere in finance, Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was also on the rise.

The preferreds (NYSE: GSPrD) started upward by 5 cents to $18.40 with about 50,000 shares trading.

Meanwhile, petroleum shipper Teekay Offshore Partners LP’s 7.25% series A cumulative redeemable preferred units jumped higher early in the session.

The preferreds (NYSE: TOOPrA) were up $1.06 to $18.31 on volume of about 87,000 shares.

In utilities, Southern California Edison, a subsidiary of Edison International, saw its 5.375% fixed-to-floating rate cumulative trust preference securities bucking the positive trend.

The preferreds (NYSE: SCEPrJ) were off by 46 cents to $21.02 with about 57,000 shares trading.

Telecom giant AT&T, Inc.’s 5.35% global notes due 2066 were also declining at the start of trading.

The notes (NYSE: TBB) were down 2 cents to $24.76 on volume of about 43,000 notes.

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