Why Michaels Shares Gained 88% Last Month
Shares of Michaels (NASDAQ: MIK) rose 88% in April 2020, according to data from S&P Global Market Intelligence. All told, the arts and crafts retailer has seen its share prices triple from the all-time lows it recorded in mid-March. The company had no substantial news to share until the very end of April, where Michaels announced a contactless package pickup partnership with UPS (NYSE: UPS).
The UPS collaboration allows Michaels customers to order items for pickup at a nearby UPS Store; the shipping service will also accept returns at the store, and the shopper never needs to enter the physical store.
Anything that helps Michaels execute business transactions during the COVID-19 pandemic has to be seen as a positive move. Other than that, Michaels stock rose on an increasingly optimistic view of the retail industry in this global health crisis.
Source Fool.com
