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On MAD MONEY tonight Jim Cramer was trying to put the record market close in perspective; he said the conditions are perfect for some companies. One that is just right for the market? Sonic Corporation (NASDAQ:SONC). It's a fabulous restaurant chain, he says. The company did a Dutch tender for part of its stock, and this is great for holders at $23.00 per share for 19% of the company.
Cramer says two great things going for it are that 1) is a regional-to-national story, because it is only in 29 states, and light in California, and not even in New York; and 2) great fundamentals and good food and good management.
The stock closed up 1.2% at $22.49 and is now in after-hours up another 2.2% at $23.02; 52-week trading range is $17.85 to $23.65.
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Reader Comments (Page 1 of 1)
10-13-2006 @ 1:51AM
Gary E. Sattler said...
I'll agree with Cramer that Sonic is a good operation. It has all the earmarks of prolonged success, but I wouldn't buy it right now.
If I'm not mistaken, Sonic is just a bit of a seasonal company with summer being it's high note.
Given the facts that Sonic is presently brushing it's 52 week high point and that the market is so hot, I wouldn't put any cash in there unless I intended to leave it there for quite some time.
Sonic is not a trader... it's a keeper.