Morning Commentary: JPMorgan preferreds improve; Kimco up; Qwest $25-par notes dip

By James McCandless

San Antonio, July 2 – On the last day of the holiday-shortened week, the preferred space began with a positive tone backed by economic news as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.31%.

Leading early Thursday secondary activity, JPMorgan Chase & Co.’s 4.75% series GG non-cumulative preferred stock was improving.

The preferreds (NYSE: JPMPrJ) were up 18 cents to $25.34 on volume of about 92,000 shares.

Meanwhile, real estate investment trust Kimco Realty Corp.’s 5.125% series L cumulative redeemable preferreds were following the upward trend.

The preferreds (NYSE: KIMPrL) were picking up 13 cents to $23.75 with about 51,000 shares trading.

Elsewhere, in communications, Qwest Corp.’s 6.875% notes due 2054 opened the session slightly down.

The notes (NYSE: CTV) edged 1 cent lower to $25.11 on volume of about 43,000 notes.

Sector peer AT&T Inc.’s 4.75% series C perpetual preferred stock was pushing higher as the morning kicked off.

The preferreds (NYSE: TPrC) were tacking on 14 cents to $24.14 with about 30,000 shares trading.

Telephone and Data Systems, Inc.’s 5.875% senior notes due 2061 were seeing a boost.

The notes (NYSE: TDA) were shooting up 39 cents to $24.02 on volume of about 29,000 notes.

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