CMO-B the pfd. of Capstead is trading like it will be called at $12.50 in the near future. I notice there is major selling at $12.40. Considering the junky mortgage Pfds that are selling to yield not much over 10% I have no other explanation why there appears to be relentless selling near the $12.40 to 12.50 area.
CMO has a shelf registration of 500 million of both common and pfd. stock. It appears like the 10% Pfd. B will be replaced by another Pfd. yielding less than 10%.
"I have no other explanation why there appears to be relentless selling near the $12.40 to 12.50 area."
I'm not sure what you define as "relentless selling", but as one who has held the Pfd B for a long time, I see no trading anomalies at that range right now. Truth be told, the volume last week was below average every day so there's no seller who is bailing out. The Pfd-B has always had wierd dips and spikes (including some tremendous buying opportunities such as happended on 8/16 when it dipped intraday into the low 11's). What makes you think that the selling at 12.40 isn't just a seller who bought in the low 11's taking their 10% cap gain in 2 weeks rather than waiting for the 10% in dividends over an entire year?