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MIK - Michaels Companies: No Signs Of A Turnaround Yet
The Michaels Companies Inc.
The Retail Sector (XRT) has seen a strong bounce in the past couple of weeks, and Michaels Companies (MIK) has benefited immensely from this resurgence. The stock is up 100% the past three weeks, and many are chalking this up to a favorable earnings report. While it's true that the company had a positive report and has defined a new long-term plan, there are still no signs of a turnaround in place. Revenue growth remains negative year over year, brick-and-mortar continues to struggle, and I don't believe Michaels Companies will buck