Long Position on MIK @ $24.35 on 12/23/2014 (Momentum)

The Michaels Companies, Inc. (MIK) owns and operates a chain of arts and crafts specialty retail stores in North America.

The company’s stores offer approximately 36,000 stock-keeping units in arts, crafts, scrapbooking, floral, framing, home décor, seasonal offerings, and children's hobbies.

The Company also operates a vertically integrated custom framing business. The Company provides materials, project ideas and education for creative activities. Artistree supplies precut mats and high custom framing merchandise.

The Company operates four regional processing centers in City of Industry, California; Coppell, Texas; Kernersville, North Carolina; and Mississauga, Ontario. 

As of August 2, 2014, it owned and operated 1,147 Michaels stores in 49 states and Canada; and 117 Aaron Brothers stores.

In addition, the company, through its subsidiary, Artistree, manufactures precut mats and custom framing merchandise. 

Shares of this recent IPO, have formed a bullish "cup & handle" and higher share prices are expected for this stock.

52-Week Trading Range: $14.51 - $25.24

Entry Point: $24.35

Stop Loss: $23.00

Target Price: $26.75

Updates

1/15/2015 2:37:41 PM

MIK fell below our stop loss. Closed at $22.87

Position closed on 1/15/2015 at price of $22.87 with a -6.08% loss in 23 days.

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