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Getting ‘Crafty’ Following a Breakout: Michaels Companies Inc Stock (NASDAQ: MIK)

Getting ‘Crafty’ Following a Breakout: Michaels Companies Inc Stock (NASDAQ: MIK)

Michaels Companies Inc Stock (NASDAQ: MIK) is a specialty retailer that sells arts and craft supplies and décor in the U.S. and Canada. As a company that would appear to be very dependent on brick and mortar presence, the company appears to have been able to adapt to the post-COVID world of closures and online shopping. Wednesday’s breakout and follow-up option activity suggests that their craftiness may have made the relevant.

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  • The company announced earnings on June 3 that significantly missed analyst expectations. However, the response the report found the stock nearly double in price within a week. The final move saw the stock gap and move sharply during the trading session on June 8 before reversing and falling back to $5 over the next few days. Since that point in time, the price snapped back to $7.50 and has proceeded to consolidate between $6.40 and $7.50.

    The reason for the positive reaction may have been the comments from the CEO Ashley Buchanan, who said:

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    “ While temporary store closures negatively impacted our first quarter results, I am proud of the way our team responded to changing market conditions…This quarter, we significantly accelerated Michaels’ transformation into an omnichannel retailer by introducing a robust set of customer facing digital and fulfillment capabilities.”

    The ability to transform into an omnichannel retailer is critical when shoppers may not want or possibly restricted from coming to you.

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  • The breakout on Wednesday had the stock close above the $7.50 resistance. The indication is a retest of the June 8 high near $9. The option market responded with large volume on the 21 AUG 20 $7.50 call option that traded 7,590 contracts against an open interest of 3,422.

    Option traders may want to consider buying the 18 SEP 20 $5 call option for around $2.80. the option can be rolled to a higher ITM strike price at $7.50 if the option gains 30-50%.