Michael's Shares Drop on Trading Debut

NEW YORK (TheStreet) -- Shares of Michaels , the arts and crafts specialty retailer that was once public and taken private in 2006 and now went public again, fell as much as 2% as trading in the stock began on Friday. Shares were trading down 0.16% to $16.97 in late morning trading. Late Thursday, Michaels raised $472 million after pricing 27.8 million shares at $17 a share, according to a press release. The price, which was at the low-end of the range given in the company's regulatory filing, had valued the company at roughly $3.45 billion. Michaels Prices Stock Offering at Low-End of Expectations GoPro Surges on Opening as Cool Camera Hype Carries Stock Higher Alibaba All Set for Takeoff, Picks NYSE, Ticker BABA for IPO This week has been a busy one for IPOs. GoPro , the video-camera maker popular with zealots of surfing, skiing and other action sports, surged 31% from its IPO price of $24 a share on Thursday, its first day of trading. GoPro raised approximately $427 million. The $24 a share price was at the high end of the expected range of $21 to $24 a share. On the other hand, ServiceMaster , a Memphis, Tenn.-based provider of essential residential and commercial services under a portfolio of brands that includes Terminix pest control, American Home Shield home warranties, ServiceMaster Restore disaster restoration, ServiceMaster Clean janitorial services, Merry Maids residential cleaning service and others, also began trading shares on Thursday, priced shares 38.5 million shares at $17, below the expected range of $18 to $21. The stock rose just 5.6% from its IPO price on its first day of trading. Alibaba, the Chinese e-commerce giant, said on Thursday that it was picking the New York Stock Exchange to list its shares under the ticker "BABA." --Written by Laurie Kulikowski in New York. Follow @LKulikowski // 0;if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); // ]]>

Click to view a price quote on MIK.

from Latest TSC Headlines http://ift.tt/1wIqjKk