Michaels Cos. Launches New $500 Stock Repurchase Program

Michaels Companies Inc. announced Thursday a new $500 million stock repurchase program. The program does not have an expiration date. Based on the stock's Wednesday closing price of $18.72, the new program would enable the arts and crafts retailer to repurchase 26.7 million shares, or about 14% of the shares outstanding. The stock, which was still inactive in premarket trade, has dropped 8.5% year to date, while the SPDR S&P Retail ETF has lost 6.6% and the S&P 500 has gained 8.9%.