Prison stocks jump on expectations of more detentions

Dow Jones
2024-11-07

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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