NEW YORK (

TheStreet

) --

Sonic Corporation

(Nasdaq:

SONC

) is trading at unusually high volume Tuesday with 1.8 million shares changing hands. It is currently at 4.2 times its average daily volume and trading up 27 cents (+3.4%) at $8.21 as of 3:09 p.m. ET.

Sonic has a market cap of $406.9 million and is part of the

services

sector and

leisure

industry. Shares are up 18% year to date as of the close of trading on Monday.

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of October 03, 2011, the company operated and franchised approximately 3,500 drive-ins. It also leases signs and real estate. The company has a P/E ratio of 27.5, above the average leisure industry P/E ratio of 19.2 and above the S&P 500 P/E ratio of 17.7.

TheStreet Ratings rates Sonic as a

hold

. Among the primary strengths of the company is its respectable return on equity which we feel is likely to continue. At the same time, however, we also find weaknesses including deteriorating net income, poor profit margins and weak operating cash flow. You can view the full

Sonic Ratings Report

.

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