What seems like a rotational sell off continues in the preferred stock and baby bonds arena.
Today the Callon Petroleum 10% perpetual (CPE-A) jumps off the page at us. This issue held up pretty well until today, but is off a giant $3.29/share right now (this is a $50 issue).
You can see the big dump here. The issue went ex-dividend last week and as such was ‘marked down’ by $1.25, but the sell off continues.
We had held this issue until a month or so ago when we reviewed their financials, in light of the falling oil prices, and thought it looked a bit dicey.
It is amazing what a few misplaced words from the Fed Chair can do to markets–kind of silly in our opinion, but just the same we have to ‘mark to market’ each day and of our 4 investment accounts 3 will likely end the year in the red by 1% or so. We have 1 account which is still up by 1%–so far.