Morning Commentary: Morgan Stanley’s preferreds dip; Gastar drops on stock weakness

By James McCandless

San Antonio, Aug. 29 – Morgan Stanley’s 7.125% series E fixed-to-floating rate non-cumulative preferred stock began Wednesday trading slightly lower.

The preferreds (NYSE: MSPrE) were down 1 cent to $28.61 on volume of about 165,000 shares.

Meanwhile, Gastar Exploration Inc.’s 8.625% series A cumulative preferred securities plummeted in early trading.

The company received notice Wednesday morning that its common stock continues to fall short of listing requirements on the NYSE American exchange due to its low price per share.

The preferreds (NYSE: GSTPrA) were down 40 cents to $3.60 with about 32,000 shares trading.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.01% in early trading after gaining 0.05% on Tuesday.

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