Shares of Michaels Stores ( MIK) took off Monday morning after the company confirmed a decision to explore strategic options, including a possible sale. Shares of the crafts chain rose $4.54, or 13.4%, to $38.50 in premarket trading. Michaels Stores' review of alternatives was reported Sunday by the Wall Street Journal. The company's market capitalization was about $4.6 billion at Friday's close. The current price is 18.9 times this year's Thomson First Call consensus earnings estimate of $2.03 a share. The stock is down from a high of $43.61, hit last summer. According to a press release, the company hired J.P. Morgan as its financial adviser in the review, which it expects to "take a number of months." It noted that there's no assurance a transaction will occur.