Morning Commentary: JPMorgan declines; AT&T notes under pressure; Qwest negative

By James McCandless

San Antonio, March 11 – As what looks to be a volatile week entered its midpoint, the Wells Fargo Hybrid & Preferred Securities Financial index started a rocky day down by 0.91%.

Leading early secondary activity, JPMorgan Chase & Co.’s 5.75% series DD and 6% series EE non-cumulative preferred stocks were both declining.

The series DD preferreds (NYSE: JPMPrD) were down 37 cents to $26.11 on volume of about 98,000 shares.

The series EE preferreds (NYSE: JPMPrC) were losing 35 cents to $26.75 on volume of about 62,000 shares.

Sector peer Ally Financial, Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities were also weakening.

The preferreds (NYSE: ALLYPrA) were declining by 10 cents to $25.03 with about 83,000 shares trading.

Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were gaining, bucking the morning’s trend.

The preferreds (NYSE: DXB) were adding 10 cents to $25.16 on volume of about 64,000 shares.

Telecom services provider AT&T, Inc.’s 5.35% global notes due 2066 were under pressure as trading began.

The notes (NYSE: TBB) were slipping 6 cents to $25.84 with about 46,000 notes trading.

Meanwhile, Qwest Corp.’s 6.5% notes due 2056 were following the broader market decline.

The notes (NYSE: CTBB) were moving down 18 cents to $23.94 on volume of about 37,000 notes.

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