Morning Commentary: Goldman Sachs declines; AT&T $25-par notes lower; Qwest weakens

By James McCandless

San Antonio, Jan. 3 – Thursday trading in the preferred market started with lower volume as the Wells Fargo Hybrid & Preferred Securities Financial index opened off by 0.17%.

Leading trading volume again was Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds.

The preferreds (NYSE: GSPrD) were down 27 cents to $17.85 on volume of about 64,000 shares.

Elsewhere in the finance space, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds opened negative.

The preferreds (NYSE: JPMPrD) were off by 3 cents to $24.95 with about 36,000 shares trading.

Deutsche Bank Contingent Capital Trust V’s 8.05% trust preferred securities were also headed lower at the start of the session.

The preferreds (NYSE: DKT) declined 8 cents to $24.96 on volume of about 35,000 shares.

Meanwhile, in telecom, AT&T Inc.’s 5.35% global notes due 2066 were following the rest of the market downward.

The notes (NYSE: TBB) were down 5 cents to $22.60 with about 47,000 notes trading.

Qwest Corp.’s 6.5% notes due 2056 dropped at the open.

The notes (NYSE: CTBB) fell 30 cents to $19.11 on volume of about 39,000 notes.

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