58,029 shares of C traded on Friday. That means that 58,029 shares were bought because of the near certainty of a significant rise to 25 or higher. Perfectly reasonable.
The problem is - who sold those shares? Why would anyone sell something certain to rise?
Yes, I agree that it makes total sense that the preferred issues will pop back up to par, perhaps even be called back. But apparently, somebody out there in market-land does not agree.
For as sure a thing as it sounds that the preferreds will pop back up to par, they haven't moved much.
Normally, a stock going up is a good thing. The problem here is that we don't know why it's rising. We can pretend that we know if we want to. But the fact is that we don't. That's a problem.