Morning Commentary: JPMorgan preferreds up; Tsakos slides; Quest $25-par notes better

By James McCandless

San Antonio, May 24 – Preferreds opened mixed on Friday as the Wells Fargo Hybrid & Preferred Securities Financial index began up by 0.13%.

Leading secondary trading volume, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock was moving up in early trading.

The preferreds (NYSE: JPMPrC) rose 3 cents to $26.55 on volume of about 128,000 shares.

Elsewhere in finance, Deutsche Bank Contingent Capital Trust V’s 8.05% and Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were both losing as the session began.

The 8.05% preferreds (NYSE: DKT) were down 15 cents to $25.57 with about 123,000 shares trading.

The 6.55% preferreds (NYSE: DXB) were off 11 cents to $24.71 with about 42,000 shares trading.

Sector peer U.S. Bancorp’s series B floating-rate non-cumulative perpetual preferred stock was gaining.

The preferreds (NYSE: USBPrH) picked up 7 cents to $19.50 on volume of about 30,000 shares.

Elsewhere, in the shipping space, Tsakos Energy Navigation Ltd.’s 9.5% series F fixed-to-floating rate cumulative redeemable perpetual preferreds started off the day weaker.

The preferreds (NYSE: TNPPrF) slid 6 cents to $22.12 with about 27,000 shares trading.

In communications, Qwest Corp.’s 6.5% notes due 2056 were better early Friday.

The $25-par notes (NYSE: CTBB) were up 3 cents to $22.94 on volume of about 27,000 notes.

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