Business

Michaels has tepid return to public markets

By Anne D'innocenzio
Published June 27, 2014 9:30pm ET
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Michaels has tepid return to public markets
FILE - This Aug. 23, 2006 file photo shows A Michaels store in Philadelphia. The arts and crafts chain's initial public offering on Friday, June 27, 2014, is expected to test investor enthusiasm for the crafts business in light of competition from the Web and big discounters. (AP Photo/Matt Rourke, File) | Matt Rourke

NEW YORK (AP) — Michaels had a tepid return to the stock market Friday, its shares going back and forth between small gains and declines.

The arts and crafts store operator’s shares closed up 2 cents to $17.02 in trading on the Nasdaq, after falling as much as 2 percent earlier.

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