Midday Commentary: Verizon Communications gives guidance; JPMorgan preferreds stay flat

By Christine Van Dusen

Atlanta, Jan. 30 - New York City-based telecommunications company Verizon Communications Inc. set price talk for new $25-par notes and JPMorgan Chase & Co.'s recent preferred stock remained flat on an otherwise quiet Thursday morning.

Verizon gave guidance of 6% to 6.125% for a $250 million offering of $25-par notes due in 2054, a trader said.

BofA Merrill Lynch, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC are leading the deal, which is callable in five years at par and will pay a quarterly coupon.

The notes will be listed on the New York Stock Exchange.

JPMorgan's $850 million issue of $25-par fixed-rate perpetual preferred securities priced with a 6.7% dividend and traded Thursday at $24.75, flat to Wednesday, the trader said.

On Tuesday, the preferreds traded between $24.65 and $24.75.

In other trading on Thursday, ING Groep NV's 6.375% perpetual hybrid capital securities were quoted at $24.32, up 8 cents on 22,714 shares traded.

M&T Capital Trust IV's 8.5% enhanced trust preferred securities traded at $25.39, down 2 cents on volume totaling 22,307.

And Goldman Sachs Group's floating-rate non-cumulative preferred stock, series D, moved up a penny to $19.14 on just 18,016 shares traded.

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