Market Focus

Michael’s

Craft retailer Michael’s didn’t exactly sparkle in its trading debut. Shares of Michael’s stores went back and forth between small gains and declines. It priced its initial public offering of almost 28 million shares at $17 a piece, which was at the low-end of the expected range. The stock trades on the Nasdaq under the ticker symbol “MIK.” At the close the stock rose slightly to $17.02.

Dollar General

News that the Dollar General’s CEO Rick Dreiling is retiring next year sent shares lower today. The decision comes as activist investor Carl Icahn has been pushing for the chain to merge with Family Dollar. Dollar General is also sticking with its lowered full-year profit outlook. The stock tumbled more than seven percent $57.19.

Finish Line

It was a strong first-quarter finish for Finish Line. The athletic apparel company posted earnings and revenue that topped estimates as sales and margins expanded. Finish Line credits its relationship with Macy’s for helping it expand its market shares. The stock was up more than one percent to $29.56.

Rackspace

Shares of Rackspace fell after news reports saying the company is not catching the eye of potential buyers. Shares surged in May after Rackspace hired Morgan Stanley to look for strategic relationships, ranging from partnerships to an outright acquisition. The stock was down more than seven percent today to $33.63.

Caesars Entertainment

Caesars delivered another blow to New Jersey’s struggling Atlantic City. It will close the Showboat casino-hotel this summer, which it blamed on falling revenue and high property taxes. Caesar’s CEO says the move is necessary to help stabilize the company’s other casinos in the seaside resort. Shares fell slightly to $17.67.

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