Shares of private prison operator GEO Group Inc. (GEO) soared by 6.43% on November 7, 2024, driven by a combination of factors related to the U.S. presidential election and industry dynamics.

The primary catalyst for GEO's stock surge was the re-election of Donald Trump as the U.S. President. Trump's victory, along with his promises to crack down on illegal immigration, fueled expectations of increased demand for private detention centers operated by companies like GEO. Investors anticipate that Trump's tough stance on immigration policies could boost the need for additional detention facilities, benefiting GEO and its peers.

Adding to the bullish sentiment, GEO's industry rival CoreCivic Inc. (CXW) reported better-than-expected Q3 results and raised its full-year guidance. CoreCivic's strong performance and optimistic outlook provided a positive signal for the broader private prison industry, further supporting GEO's stock price rally.

While GEO's Q3 revenue missed analysts' expectations, the company reported higher adjusted earnings compared to the same period last year. Additionally, GEO raised its full-year adjusted earnings per share (EPS) guidance, albeit lowering its revenue and adjusted EBITDA outlook. The mixed results and guidance updates likely contributed to the stock's upward movement, albeit to a lesser extent than the election and industry factors.