MW Prison stocks jump on expectations of more detentions
By Steve Goldstein
GEO Group and CoreCivic shares jump
Shares of GEO Group and CoreCivic surged on Wednesday in expectation that President-elect Donald Trump's administration will detain more immigrants in facilities run by the companies.
GEO $(GEO)$, which provides secure residential housing and care for U.S. Immigration and Customs Enforcement, saw its shares jump 35%. CoreCivic's stock $(CXW)$ jumped 27%.
According to a GEO presentation, private companies provide 90% of the beds for ICE processing, and GEO itself provides 42% of those private-sector beds.
CoreCivic reports third-quarter results on Thursday.
-Steve Goldstein
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(END) Dow Jones Newswires
November 06, 2024 11:07 ET (16:07 GMT)
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