JPMorgan closes flat for second day; Carlyle’s preferreds decline; Wells Fargo improves

By James McCandless

San Antonio, Oct. 9 – The preferred market saw another day of improvement on higher trading volume.

JPMorgan Chase & Co.’s recent issue of 5.75% series DD non-cumulative preferred stock closed the session level.

The preferreds (NYSE: JPMPrD), moving up 2 cents in intraday trading, ended the day back at $25.00 on volume of about 983,000 shares.

The preferreds were flat on Monday and rose 17 cents on Friday.

Carlyle Group LP’s 5.875% series A non-cumulative preferred units declined in Tuesday’s session.

The preferreds (Nasdaq: TCGP) were down 6 cents to close at $21.83 with about 492,000 shares trading, far surpassing its average volume of about 52,000 shares.

Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferred stock rose with the broader market.

The preferreds (NYSE: WFCPrQ) were up 6 cents to close at $25.36 on volume of about 489,000 shares.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.28% at market close after a 0.26% increase in early trading on Tuesday.

The iShares US Preferred Stock ETF was up 11 cents to $36.22.

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