5.20% Preferred Stock's ticker symbol which is ALP-N in our system, ALPPRN on the NYSE, ALPpN if it was on the NYSE Amex, ALP-pN on Yahoo, ALPPRN on Fidelity, ALP/PRN or ALP+N on Charles Schwab, ALP-N on S&P, ALP PRN on Quicken, and ALPpN in Scottrade. The first example of a preferred stock's ticker symbol is for the Alabama Power Co. To attempt to make these differing symbol systems clearer, we have provided three examples in the table below of the ticker symbol for three specific preferreds on different company's systems.
The NYSE Amex uses a xxx px system, Yahoo! uses a xxx -px system, Fidelity uses a xxx PRx system, Charles Schwab uses both the xxx /PRx and the xxx +x system, S&P uses the xxx -x system, Quicken uses a xxx PRx system (that's a space), Scottrade uses the xxx px system, others use the xxx 'x or an xxxx (they just drop the PR, -, etc.) symbol system and there are other symbol systems in use. To make things more interesting, you can enter either xxx PRx or xxx -x on the NYSE website to find the same preferred - they both work (note: this is no longer true as of February 2004 as the NYSE has apparently discontinued the use of the dash in symbols). Why? The basic reason is actually that our quote service provides prices to us using the xxx-x system (which is probably the most common general ticker symbol system). We use a ticker symbol of xxx -x for the same stock. The NYSE uses ticker symbols in the form of xxx PRx for preferred stocks. Those spaces may be fine for people but computers have no sense of humor at all concerning them and the computer just doesn't find the security you want when you add spaces to the ticker symbol.Īs a result of the above, there are a considerable variety of preferred ticker symbols in use. This type of reference can come from the company issuing the security, from the financial media (especially general newspapers), and even from the stock exchanges themselves. For example, you will see a xxx PRx ticker symbol referred to as xxx PR x, xxx PRx, etc. One further problem with preferred ticker symbols is that various information sources will throw in spaces in the symbols when they refer to an income security's ticker symbol. The system even precludes any fancy programming to identify preferreds without requiring the input of the stock exchange in conjunction with the ticker symbol. Therefore a single ticker symbol system incorporating the NYSE symbol system can not be used as a universal system for anyone listing both NYSE and Nasdaq preferred securities. The basic problem with this NYSE ticker symbol system is that it is incompatible with the Nasdaq ticker system where symbols in the xx PRx, x PRx, xx PR formats are not preferred stocks. format where the x's represent any letter. The NYSE preferred ticker symbol format often used to refer to preferred and income securities is the xxx PRx, xx PRx, x PRx, xx PR, etc. The correct ticker symbol for a preferred stock depends on whose information you are accessing. There is no single system of ticker symbols in use for preferred stocks. Preferred stock ticker symbols are confusing - to everyone.
On the QuantumOnline (QOL) website, and I'm sure all other websites, preferred ticker symbols cause the most confusion and generate more questions than most other problems combined.
In the paragraphs below we attempt to shed some light on the very confusing subject of preferred and income securities ticker symbols and security names. Preferred Ticker Symbols & Security Names