Morning Commentary: Wells Fargo lower; eBay $25-par notes gain; Annaly Capital rises

By James McCandless

San Antonio, Sept. 24 – On weak U.S. economic data, the preferred market followed the equity markets by starting lower with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.29%, though top traders were mixed.

Leading Thursday morning volume, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock was under pressure.

The preferreds (NYSE: WFCPrZ) were down 4 cents to $24.71 on volume of about 101,000 shares.

Elsewhere in the finance space, Bank of America Corp.’s 5% series LL non-cumulative preferred stock was being pushed down.

The preferreds (NYSE: BACPrN) were giving back 11 cents to $25.92 with about 83,000 shares trading.

Sector peer Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferred stock was improving, going against the early trend.

The preferreds (NYSE: GSPrD) were gaining 5 cents to $22.75 on volume of about 53,000 shares.

E-commerce giant eBay, Inc.’s 6% notes due 2056 were also being carried higher as the session kicked off.

The notes (Nasdaq: EBAYL) were tacking on 5 cents to $25.61 with about 83,000 notes trading.

Meanwhile, real estate investment trust Annaly Capital Management, Inc.’s 6.95% series F fixed-to-floating rate cumulative redeemable preferreds were picking up steam.

The preferreds (NYSE: NLYPrF) were rising 15 cents to $22.45 on volume of about 65,000 shares.

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