Serving Dirt at Sonic (SONC)

Posted in pre-market 
January 6th, 2010

Sonic Corp. (NASDAQ: SONC), home of the drive-up suburban hamburger chain stores, is getting hit this morning.  The company reported a 13% drop in profits yesterday as its sales fell.  Earnings were $0.10 EPS and revenues were down 26% to $over 136 million vs. $0.13 EPS and $137 million in revenue estimates from Thomson Reuters.  The company also sees flat earnings at $0.71 EPS in 2010, under the estimate of $0.78 EPS.  Sonic led the loser stocks in after-hours last night with a drop of 8.8% to $9.34 on 51,000 shares in after-hours trading.  At 8:09 AM EST we have shares looking even worse at -14% at $8.80 on almost 20,000 shares.

The 52-week trading range is $6.05 to $12.63 and the average daily volume is just over 600,000 shares.


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