Morning Commentary: JPMorgan preferreds lower; AT&T $25-pars rise; Public Storage gains

By James McCandless

San Antonio, Jan. 10 – The preferred space started the Thursday session lower with the Wells Fargo Hybrid & Preferred Securities Financial index down by 0.34%.

Leading early preferred trading volume, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferreds were headed lower.

The preferreds (NYSE: JPMPrD) were down 3 cents to $25.02 on volume of about 85,000 shares.

Elsewhere in the finance space, Citigroup Inc.’s 6.875% series K fixed-to-floating rate non-cumulative preferred stock was also moving downward.

The preferreds (NYSE: CPrK) were off 6 cents to $26.33 with about 51,000 shares trading.

Goldman Sachs Group, Inc.’s series D floating-rate non-cumulative preferreds opened the session lower.

The preferreds (NYSE: GSPrD) started off by 17 cents to $18.28 on volume of about 42,000 shares.

Meanwhile, in the telecom sector, AT&T, Inc.’s 5.35% global notes due 2066 began the day improving.

The notes (NYSE: TBB) were up 2 cents to $23.86 with about 40,000 notes trading.

Real estate investment trust Public Storage’s 5.2% series W cumulative preferred stock was also gaining in early trading.

The preferreds (NYSE: PSAPrW) added 4 cents to $22.61 on volume of about 28,000 shares.

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