Shares of CoreCivic, Inc. (CXW), a private prison operator, surged nearly 10% on November 11, as investors anticipated the company would benefit from President-elect Donald Trump's tough stance on illegal immigration and potential crackdown on immigration enforcement.
The stock rally came after Trump announced on Sunday that he will appoint Tom Homan, the former acting director of Immigration and Customs Enforcement (ICE), as the U.S. "border czar." This move signaled a likely increase in immigration enforcement, which could drive demand for private detention facilities like those operated by CoreCivic.
CoreCivic's stock soar extended a broader rally in companies seen as potential winners under a Trump administration, including crypto firms and businesses aligned with the former president's political agenda. Investors are betting that Trump will follow through on his campaign promises to crack down on illegal immigration, which could boost CoreCivic's bottom line.
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