Morning Commentary: Preferreds soft at market open; AT&T slips; Priority Income Fund to price

By Cristal Cody

Tupelo, Miss., Nov. 9 – Preferred stocks opened on Thursday mostly weaker.

The U.S. iShares Preferred Stock ETF dropped 12 basis points.

The Wells Fargo Hybrid and Preferred Securities index slipped 6 bps.

In early trading, AT&T Inc.’s 5.35% $25-par global notes due Nov. 1, 2066 (NYSE: TBB) were off 8 cents at $25.31.

The Dallas-based telecommunications company sold $1.15 billion of the notes on Oct. 25.

Coming up in new deal action, Priority Income Fund, Inc. announced plans to sell term preferred stock. The securities will have a $25.00 liquidation preference.

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