MIK - Why Michaels Stores' Stock Rose 73% Last Month
Shares of Michaels Stores (NASDAQ: MIK) soared 73% higher in September 2019, according to data from S&P Global Market Intelligence. The surge centered on a solid earnings report.
The arts and crafts retailer reported second-quarter results on Sept. 4, edging out analyst estimates across the board with a 7% year-over-year earnings boost in spite of 2% lower revenues. Michaels' stock spiked as much as 27% higher later that day before settling down to a 12% single-day gain at the closing bell. The report sparked a fire under the stock as analysts weighed in with rosy reports over the next few days. One week later, Michaels investors had pocketed a total gain of 80%.
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