Sonic Corporation SONC shares are trading higher by $1.60 at $34.16 in Wednesday's session. The catalyst for the rally is a Q2 EPS beat of $0.02 with a slight beat for sales. Comps were up 6.5 percent and it raised FY2016 guidance.
After a higher open, it peaked at $34.44 before some profit-taking took place. The ensuing decline found support well ahead of the upper-end of Tuesday's range ($32.70), only reaching $33.45 before rebounding back into the $34 handle.
This is its first time trading in the $34 handle since June, when it peaked at $34.23.
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