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Morning Commentary: Northern Trust, Deutsche Bank higher; Qwest $25-par notes weaker
By James McCandless
San Antonio, July 25 – The preferred space opened the Thursday session with top traders moving in varying directions as the Wells Fargo Hybrid & Preferred Securities Financial index was down 0.08%.
Leading early in the day, asset manager Northern Trust Corp.’s 5.85% series C non-cumulative perpetual preferred stock was trending positively.
The preferreds (Nasdaq: NTRSP) were up 1 cent to $25.10 on volume of about 152,000 shares.
On Wednesday, the company reported second-quarter earnings at a $1.75 per share profit, higher than the $1.68 per share profit that analysts had expected.
Meanwhile, in communications, Qwest Corp.’s 6.5% notes due 2056 opened the session weaker.
The notes (NYSE: CTBB) were losing 7 cents to $24.30 with about 58,000 notes trading.
Sector peer AT&T, Inc.’s 5.35% global notes due 2066 started the day improving.
The notes (NYSE: TBB) were trading up by 2 cents to $26.52 on volume of about 41,000 notes.
In the finance space, Deutsche Bank Contingent Capital Trust II’s 6.55% trust preferred securities were following the morning’s positive trend.
The preferreds (NYSE: DXB) picked up 10 cents to $24.35 with about 30,000 shares trading.
Elsewhere, private equity name Compass Diversified Holdings LLC’s 7.25% series A non-cumulative preferreds and its 7.875% series B fixed-to-floating rate cumulative preferreds were both seen pushing upward.
The series A preferreds (NYSE: CODIPrA) were gaining 10 cents to $23.10 on volume of about 26,000 shares.
The series B preferreds (NYSE: CODIPrB) were better by 13 cents to $24.01 on volume of about 26,000 shares.
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