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Michaels Stock Tumbles on Third-Quarter Miss, Guidance Cut

Shares of Michaels (MIK) slid 11.48% to $21.52 in premarket trading on Tuesday after the arts and crafts retailer reported third-quarter earnings and revenue that missed analysts' forecasts. The company posted an unexpected decline in comparable-store sales.

Before the market open, the Irving, Texas-based company said comparable-store sales slumped 2.0%, driven by a decline in customer transactions, which was partially offset by an increase in average ticket. Analysts surveyed by FactSet had projected comparable-store sales...