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MIK - Michaels Is Undervalued And Oversold While Arts And Crafts Benefit From Lockdown
The Michaels Companies Inc.
On Thursday, June 4th, before market open, The Michaels Companies (MIK) reported an EPS loss of -$0.43 per share on revenues of $799.9 million, both substantially below the headline “consensus expectations” for $0.15 of EPS on $1.03 billion in revenue. The stock took off, closing the day on its high, +9%. The next day, it broke through $5 and closed the week at $5.51, up 43% in the past 5 trading days. While it seems tempting to dismiss gains at the highly levered retailer as symptoms of the speculative fervor that