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Sonic (SONC) Stock Tumbles on Q4 Revenue Miss, Stephens Downgrades

NEW YORK (TheStreet) -- Shares of Sonic (SONC) were falling 18.38% to $21.62 on heavy trading volume mid-Tuesday morning after the company reported fiscal 2016 fourth quarter and full-year revenue that missed analysts' estimates.

After yesterday's closing bell, the Oklahoma City-based drive-in restaurant chain posted fourth quarter revenue of $162.1 million, lower than Wall Street's expected $167.3 million.

Sonic reported adjusted earnings of 45 cents per share for the quarter. Analysts were looking for earnings of 44 cents per...