The Michaels Companies Sharply Lower After Q1 Report And Lowered Guidance

The Michaels Companies

shares are trading lower by $2.70 at $27.44 in Tuesday's session. Before the open, the company announced a Q1 beat of a penny with a slight miss for revenues. What has the Street worried is the companies predicts lower Q2 comp growth and lowered FY 2016 EPS guidance. After a lower open, it managed a brief rally to $27.97, before another wave sellers came into the issue. The ensuing decline took the issue all the way to $26.10, but has now rebounded into the $267 handle. The current low coincides with a pair of lows from March 23 ($26.07) and March 24 ($26.11).