Morning Commentary: U.S. Bancorp improves against Friday decline; Barclays also rises

By James McCandless

San Antonio, Oct. 5 – Trading in the preferred space opened lower amid thin volume on Friday as the Wells Fargo Hybrid & Preferred Securities Financial index fell 0.39% in early activity.

Despite the broader market decline, U.S. Bancorp’s 5.5% series K non-cumulative perpetual preferred stock started Friday gaining, leading secondary trading.

The preferreds (NYSE: USBPrP) were up 9 cents to $24.39 on volume of about 51,000 shares.

Meanwhile, Barclays plc’s 8.125% series 5 non-cumulative callable dollar preference shares were also rising.

The preferreds (NYSE: BCSPrD) were up 5 cents to $25.73 with about 49,000 shares trading.

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