By Sue Chang
SAN FRANCISCO (MarketWatch) -- Michaels Cos.'s MIK +0.50% debut on the stock market Friday was disappointing with the stock falling below its initial public offering price. The arts and crafts retailer priced its IPO at $17 a share, the lower end of its expected range of $17 to $19. Michaels sold 27.7 million shares to raise about $471 million. Shares dropped 1.1% to $16.81 in the first few minutes of trading.
