Why Michaels Stock Took a Dive Today

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