Sonic (SONC) Slides on Missing Sales Estimates

Sonic Corporation

shares fell 8.3% to $27.82, as the company reported better-than-expected earnings for its third quarter, but the company missed analysts' sales estimates. Same-store sales rose by only 2% over the period, while analysts were expecting a 2.7% surge. The company also lowered its same-store sales forecast for the year. Share volume was 1.5 million, compared to an all-day average of 1.1 million