Morning Commentary: Capital One lower; New York Mortgage better; Qwest $25-pars decline

By James McCandless

San Antonio, March 27 – After stringing together three days of positivity, the preferred space saw negative sentiment early Friday as the Wells Fargo Hybrid & Preferred Securities Financial index began down by 2.74%.

On top of early activity, Capital One Financial Corp.’s 4.8% series J fixed-rate non-cumulative perpetual preferred stock was being pushed lower.

The preferreds (NYSE: COFPrJ) were down 77 cents to $19.41 on volume of about 102,000 shares.

Elsewhere in the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities opened on the negative side.

The preferreds (NYSE: DXB) were shaving off 1 cent to $24.71 with about 82,000 shares trading.

Sector peer JPMorgan Chase & Co.’s 5.75% series DD and 6.1% series AA non-cumulative preferred stocks were both under pressure.

The series DD preferreds (NYSE: JPMPrD) were falling 50 cents to $24.80 on volume of about 77,000 shares.

The series AA preferreds (NYSE: JPMPrG) were losing 14 cents to $25.01 on volume of about 75,000 shares.

Real estate investment trust New York Mortgage Trust, Inc.’s 7.875% series E fixed-to-floating rate cumulative redeemable preferreds were improving, going against the prevailing trend.

The preferreds (Nasdaq: NYMTM) were gaining 36 cents to $8.00 with about 75,000 shares trading.

Meanwhile, in communications, Qwest Corp.’s 6.5% $25-par notes due 2056 were also in decline as the morning started.

The notes (NYSE: CTBB) were shedding 49 cents to $20.99 on volume of about 59,000 notes.

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