Morning Commentary: Wells Fargo dragged down; Qwest trails; AT&T $25-par notes decline

By James McCandless

San Antonio, Sept. 8 – The new holiday-shortened week began with a decline in the preferred market as the Wells Fargo Hybrid & Preferred Securities Financial index started down by 0.34%.

Leading off Tuesday’s secondary trading, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was being dragged lower.

The preferreds (NYSE: WFCPrZ) were down 12 cents to $24.71 on volume of about 103,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s 5% series I fixed-rate non-cumulative perpetual preferreds were under some pressure.

The preferreds (NYSE: COFPrI) were shaving off 1 cent to $25.15 with about 68,000 shares trading.

Sector peer Citigroup Capital XIII’s 7.875% fixed-to-floating rate trust preferred securities were relatively active but unchanged so far.

The preferreds (NYSE: CPrN) were holding level at $27.02 on volume of about 64,000 shares.

Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 were trailing as the session kicked off.

The notes (NYSE: CTBB) were giving back 7 cents to $25.02 with about 46,000 notes trading.

Telecom services giant AT&T, Inc.’s 5.35% global notes due 2066 were following the early morning trend.

The notes (NYSE: TBB) were declining by 15 cents to $26.35 on volume of about 39,000 notes.

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