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Preferreds rise after volatile week; American Realty slides; TravelCenters lists on NYSE
By Stephanie N. Rotondo
Phoenix, Dec. 19 – Preferred stock continued to rally for the third straight day.
The rally began Wednesday following the Federal Reserve’s release of its latest policy statement, which indicated the central bank would be “patient” when it comes to deciding when to raise interest rates.
“It shot up in the last hour,” one market source noted.
The Wells Fargo Hybrid and Preferred Securities index ended the day 27 basis points better. It was up 10 bps at mid-morning.
American Realty Capital Properties Inc. was once again the dominating name of the day, as investors continued to react – negatively – to the string of news that came out over the course of the week.
The 6.7% series F cumulative redeemable preferreds (Nasdaq: ARCPP) fell a dime to $21.15.
In a lawsuit filed on Thursday, Lisa P. McAlister – formerly the chief accounting officer and one of two executives that lost their jobs in the wake of an accounting irregularity that surfaced in October – alleged that it was Nicholas Schorsch, co-founder and former chief executive officer, who ordered her and Brian Block, former chief financial officer, to alter second-quarter results in order to cover up an error made in the first quarter.
Meanwhile, TravelCenters of America LLC’s $120 million of 8% senior notes due 2029 began trading on the New York Stock Exchange on Friday.
The deal came Dec. 9. The symbol is “TANO.”
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