Shares of CoreCivic, Inc (CXW), a private prison operator, skyrocketed 23.48% in pre-market trading on Tuesday as markets reacted to the projected victory of Donald Trump in the 2024 U.S. presidential election.
The surge in CoreCivic's stock price reflects investors' anticipation of increased demand for private detention centers if Trump follows through on his campaign promise of mass deportation of undocumented immigrants.
According to pre-market trading data, CoreCivic and its peer The GEO Group (GEO), another major private prison company, saw their shares surge 23% and 32% respectively. Analysts believe these companies could benefit significantly from Trump's hardline stance on immigration and tightened border security policies.
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