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Preferred stocks rebound by day’s end, still weak for session; bank paper follows trend
By Stephanie N. Rotondo
Phoenix, May 18 – The preferred stock market started the week with a negative tone, though it did experience a rebound intraday.
The Wells Fargo Hybrid and Preferred Securities index closed off 9 basis points. However, that was better than the 25 bps loss seen at mid-morning.
“Everything is mostly red,” a market source said, though he added that overall, “volume was really, really light.”
The broader markets were also initially coming in as the market’s concerns about a Greek default ramped up. A strengthening dollar and declining Treasuries were also playing a role. But even those markets improved throughout the day.
Morgan Stanley & Co. Inc.’s 6.625% series G noncumulative preferreds (NYSE: MSPG) were down 12 cents at $25.89. With about 366,000 shares trading during the session, the issue was the most actively traded paying security for the day.
Wells Fargo & Co. was also among the day’s busiest preferreds. Its 6.625% class A series R fixed-to-floating rate noncumulative preferreds (NYSE: WFCPR) lost a dime to $27.95, while the 5.85% series Q fixed-to-floating rate noncumulative perpetual preferreds (NYSE: WFCPQ) dropped 6 cents to $26.04.
JPMorgan Chase & Co.’s 6.125% series Y noncumulative preferreds (NYSE: JPMPF) held up better than some, declining just 4 cents to $25.61.
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