Morning Commentary: Wells Fargo preferreds gain; Two Harbors jumps; Qwest $25-pars rise

By James McCandless

San Antonio, April 7 – A positive tone in the preferred market extended into a second day as the Wells Fargo Hybrid & Preferred Securities Financial index opened up by 1.82%.

On top of the secondary’s upward trend, Wells Fargo & Co.’s 4.75% series Z and 5.85% series Q non-cumulative perpetual class A preferred stocks were both gaining.

The series Z preferreds (NYSE: WFCPrZ) were up 30 cents to $21.10 on volume of about 378,000 shares.

The series Q preferreds (NYSE: WFCPrQ) were adding 49 cents to $23.42 on volume of about 80,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock started the session with a slight dip.

The preferreds (NYSE: JPMPrC) were losing 2 cents to $26.17 with about 82,000 shares trading.

Sector peer AXA Equitable Holdings, Inc.’s 5.25% series A non-cumulative preferred stock was tracking higher.

The preferreds (NYSE: EQHPrA) were improving by 63 cents to $17.99 on volume of about 72,000 shares.

Meanwhile, real estate investment trust Two Harbors Investment Corp.’s 8.125% series A fixed-to-floating rate cumulative redeemable preferreds were jumping.

The preferreds (NYSE: TWOPrA) were shooting up $3.79 to $17.75 with about 93,000 shares trading.

After the Monday close, the company declared an interim dividend for its common stock and five series of preferred stock.

Communications name Qwest Corp.’s 6.5% notes due 2056 joined the prevailing trend.

The notes (NYSE: CTBB) were picking up 59 cents to $20.06 on volume of about 61,000 notes.

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