Shares of CoreCivic, Inc. (CXW), a private prison operator, soared nearly 8% in pre-market trading on November 11, as investors bet on the company benefiting from President-elect Donald Trump's tough stance on illegal immigration.
The surge came amid a broader rally in stocks seen as potential winners under a Trump administration, including crypto firms and companies aligned with the former president's political agenda. The boost to CoreCivic's stock price reflects market expectations that Trump will follow through on his campaign promises to crack down on illegal immigration.
Notably, 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 signals a likely increase in immigration enforcement, which could drive demand for private detention facilities like those operated by CoreCivic.
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