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Why Michaels Stock Popped Today

TheMotleyFool

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Shares of Michaels Companies (NASDAQ: MIK) were moving higher today for the second day in a row as the arts-and-crafts retailer got a boost from the market's rotation out of overbought growth stocks and into beaten down cyclical stocks like Michaels, which had sold off sharply with the rest of the consumer discretionary retail sector.

As a result, the stock was up 23.2% as of 3:31 p.m. EDT.

Image source: Getty Images.

Source Fool.com

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