Why Michaels Shares Jumped On Friday

Shares of arts-and-crafts supplies retailer Michaels (NASDAQ: MIK) rose as much as 15.3% on Friday, peaking just before 3 p.m., EDT. On a generally positive day for the stock market as a whole, Michaels got an additional boost from an SEC filing that showed investment management firm BlackRock (NYSE: BLK) increased its already-huge ownership of the company.

The SEC filing showed BlackRock owning 14.9 million shares of Michaels at the end of April 2020. That's up from 12 million shares and an 8.1% ownership stake in the previous month. BlackRock's increased investment amounts to a vote of confidence in this deeply troubled retailer.

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Source Fool.com