Morning Commentary: Thanksgiving holiday weighs on trading volume, but data boosts market

By Stephanie N. Rotondo

Phoenix, Nov. 26 – Preferred stocks gained more ground Wednesday, even as liquidity shrunk.

“It’s very quiet,” a trader said. However, he noted that new economic data – new jobs numbers and an increase in consumer sentiment – was helping spur things along.

The Wells Fargo Hybrid and Preferred Securities index was up 28 basis points at mid-morning.

By no surprise, recent deals continued to be more active than other secondary issues.

State Street Corp.’s $750 million of 6% series E fixed-rate noncumulative perpetual preferreds that priced Nov. 18 were at par bid, $25.05 offered, according to a trader.

Public Storage’s $175 million of 5.875% series A cumulative perpetual preferreds were then seen at $24.73 bid, $24.75 offered.

That issue came Nov. 20.

The market will be closed Thursday for Thanksgiving.

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