How The Michaels Companies Shares Jumped 20% Higher Today
Shares of The Michaels Stores (NASDAQ: MIK) jumped as much as 19.7% higher in Thursday's morning session. At the closing bell, the earnings-based gains had settled down to a still-impressive 11.6% reading.
In the third quarter, Michaels held its sales flat year over year at $1.24 billion. On the bottom line, earnings rose 18.9% to $0.44 per diluted share. Analysts had been expecting earnings of $0.43 per share on sales closer to $1.26 billion.
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Source: Fool.com
