Why Michaels Companies' Shares Jumped Today
Shares of Michaels Companies (NASDAQ: MIK) rose as much as 12.3% on Tuesday. By 1:45 p.m. EST, the arts and crafts retailer's stock had cooled down to a gain of 7.5%.
This jump was powered by an early-morning Trump tweet, which stated that the first phase of a comprehensive trade deal with China will be signed on Jan. 15. A second stage will commence at an unspecified later date.
A stable, tariff-free trade relationship between China and America would be good news for Michaels, which has been suffering rising product costs as a direct result of the trade-war tariffs.
Source Fool.com
