Morning Commentary: Public Storage preferreds down slightly after earnings; AT&T notes improve

By James McCandless

San Antonio, May 3 – Public Storage’s 6% series Z cumulative preferred depository shares led the preferred market early Thursday with about 100,000 shares trading hands, far surpassing its normal volume of about 13,000.

Last week, the company posted its first-quarter report, reporting earnings of $2.48 per share where analysts expected $2.46 per share. The company also posted revenue $1 million over estimates at $669.9 million.

The preferreds were down 1 cent at $25.71.

AT&T Inc.’s 5.35% global notes due 2066 were up in early trading with about 59,000 shares exchanged. The company is waiting for a decision from a judge in its antitrust trial against the Department of Justice on whether or not it would be allowed to go forward with a merger with Time Warner.

Another antitrust probe was opened recently to determine if the company is cooperating with Verizon to make it difficult for consumers to switch wireless providers.

The company posted a disappointing first-quarter report last week, reporting lower-than-expected earnings.

The notes were up 2 cents to $24.97 early Thursday.

The Wells Fargo Hybrid & Preferred Securities Financial index was down 0.02% in early trading after gaining 0.05% on Wednesday.

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