Preferred Stocks Get Crushed
July 14, 2008
Hickey and Walters (Bespoke) submit:
Preferred stock owners, especially financial preferreds, have seen share values evaporate over the last couple of weeks. Below we highlight the S&P Preferred Stock index going back to late 2003, along with a chart of its 50-day moving average spread. These shares are thought to be less volatile and less risky than common stocks, but with the index currently trading nearly 20% below its 50-day moving average, they have been anything but that.
click to enlarge
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