AT&T preferreds positive; SoCal Edison rises; Morgan Stanley moves higher

By James McCandless

San Antonio, Dec. 18 – The preferred market session sustained positive direction as the week hit the midpoint.

Leading trading, telecom name AT&T Inc.’s 5% series A perpetual preferred stock continued to trade positively on Wednesday.

The preferreds (NYSE: TPrA) were up 17 cents to close at $25.69 on volume of about 939,000 shares.

In utilities, Southern California Edison Co., a subsidiary of Edison International, saw its 5.75% cumulative fixed-to-floating rate trust preferred securities rise.

The preferreds (NYSE: SCEPrH) shot up 11 cents to close at $24.23 with about 910,000 shares trading.

Financial services name Morgan Stanley’s 4.875% series A non-cumulative preferred stock followed the market trend.

Sector peer Ally Financial Corp.’s 8.125% series 2 fixed-to-floating rate trust preferred securities inched upward.

Elsewhere, REIT Public Storage’s recent 4.75% series K cumulative preferreds tracked higher.

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