Michaels Cos. (MIK) shares were lower on Wednesday after the crafts retailer announced a secondary offering of 11 million shares of common stock by selling stockholders shares. The company also plans to purchase about 1 million shares of such common stock. The arts-and-crafts retailer also announced Tuesday that it anticipates that its results for the second quarter of fiscal 2016 will be in the lower-to-middle range of the previously disclosed guidance.
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