Preferreds see another volatile session; NuStar’s spiral down continues; Morgan Stanley gains

By Abigail W. Adams

Portland, Me., Feb. 13 – The preferreds market saw another volatile session on Tuesday with the Wells Fargo Hybrid & Preferred Securities Financial index again seesawing between positive and negative terrain.

Ultimately, the Wells Fargo Hybrid & Preferred Securities Financial index closed Tuesday down alongside the U.S. iShares Preferred Stock ETF down.

NuStar Energy LP’s preferreds continued to lose ground in high volume trading on Tuesday. NuStar’s preferreds have seen steady losses since the company announced a restructuring on Feb. 8.

Morgan Stanley’s depositary shares representing the company’s 6.875% series F fixed-to-floating rate non-cumulative preferred stock made gains in high volume trading on Tuesday.

The seesaw

The Wells Fargo Hybrid & Preferred Securities Financial index continued to seesaw between gains and losses on Tuesday after a volatile day on Monday.

The index was up 0.03% early Tuesday but was unable to hold onto the gain and ended the session down 0.09%.

The U.S. iShares Preferred Stock ETF, however, was down 0.08% early Tuesday but was able to cut its losses as the afternoon progressed. However, the ETF still closed Tuesday down 0.03%.

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