Morning Commentary: Wells Fargo rises; MetLife active, level; Qwest $25-par notes lower

By James McCandless

San Antonio, Jan. 31 – The preferred market began Friday in positive territory with the Wells Fargo Hybrid & Preferred Securities Financial index up by 0.14%.

At the top of early activity, Wells Fargo & Co.’s 4.75% series Z non-cumulative perpetual class A preferred stock were leading the upward trend.

The preferreds (NYSE: WFCPrZ) were up 2 cents to $25.25 on volume of about 488,000 shares.

Elsewhere in the finance space, Capital One Financial Corp.’s new 4.8% series J fixed-rate non-cumulative perpetual preferred stock was improving.

The preferreds, trading under the temporary symbol “CPONZ,” were adding 3 cents to $24.87 with about 92,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 6.125% series Y non-cumulative preferreds were under slight pressure.

The preferreds (NYSE: JPMPrF) were off 1 cent to $25.03 on volume of about 56,000 shares.

Meanwhile, insurance name MetLife, Inc.’s 4.75% series F non-cumulative preferred stock was active but unchanged so far.

The preferreds (NYSE: METPrF) were holding level at $25.72 with about 102,000 shares trading.

Communications company Qwest Corp.’s 6.5% notes due 2056 were being pushed lower, running against the prevailing trend.

The notes (NYSE: CTBB) were dipping 4 cents to $25.81 on volume of about 66,000 notes.

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