Microsoft strongly encourages users to switch to a different browser than Internet Explorer as it no longer meets modern web and security standards. Therefore we cannot guarantee that our site fully works in Internet Explorer. You can use Chrome or Firefox instead.

Why Michaels Stock Took a Dive Today

TheMotleyFool

0 0

Shares of arts-and-crafts retailer The Michaels Companies (NASDAQ: MIK) were falling today in spite of a strong second-quarter earnings report this morning. The company easily beat expectations on both the top and bottom lines and was actually trading higher in pre-market trading, but began falling shortly after the earnings call began at 9 a.m. EDT, though there was no particular bad news on the call. The broader sell-off in the market, which came on fears that stocks had become overinflated after a recent rally, also seemed to push Michaels shares lower.

As of 11:29 a.m. EDT, the stock was down 23.3%.

Image source: Getty Images.

Source Fool.com

Like: 0

MIK

Share