Why Michaels Stock Lost 16% in October
Shares of Michaels (NASDAQ: MIK) were sliding last month, even though there was no news out on the arts-and-crafts retailer. Instead, the combination of rising coronavirus cases and the stock's being heavily shorted seemed to contribute to a slide in the second half of the month.
According to data from S&P Global Market Intelligence, the stock finished October down 16%, and as you can see from the chart below, the stock fell steadily in the second half of the month.
Source Fool.com