JPMorgan, Wells Fargo report earnings, preferreds little fazed; Goodrich lists on NYSE

By Stephanie N. Rotondo

Phoenix, April 12 - Friday was proving to be a slow day in the preferred stock market, even as JPMorgan Chase & Co. and Wells Fargo & Co. reported increased profits.

"I don't think that was a surprise," a trader said. Both banks' preferreds were not seeing all that much action on the news.

In fact, though JPMorgan's 5.45% series P noncumulative perpetual preferreds (NYSE: JPMPA) were seeing moderately active trading, the issue ended flat at $25.27.

"From a preferred or credit perspective [the numbers] were kind of credit neutral," a market source noted.

A trader said that new economic data - jobs numbers and retail sales - were indicating that "the economy is moving very, very slow," and that therefore "we are going to have quantitative easing for awhile.

"I think our market is going to go sideways for awhile," he said.

But on the bright side, with banks now putting out earnings, "they should start coming out with new deals next week."

Of recently priced deals, Goodrich Petroleum Corp.'s $100 million of 10% series C cumulative preferreds - a deal that priced on April 4 - were admitted for trading on the New York Stock Exchange.

"It's a small deal," a trader said of the quick turnaround.

The ticker symbol is "GDPPC." Paper was trading at $25.13, up 13 cents from the open.

Meanwhile, MFA Financial Inc.'s $175 million of 7.5% series B cumulative redeemable preferreds - a deal that came Tuesday - continued to be active.

A source said the issue closed at $25.02, up a nickel on the day.

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