By Denny Jacob
Companies that run prisons and detention facilities are sharply higher following Trump's election victory Tuesday. GEO Group has surged 38% and CoreCivic has jumped 28% in afternoon trading. Both stocks are trading near their highs on the day.
Analysts at Wedbush recently noted that these companies could benefit as Trump would likely look to provide as many resources as possible to both the public and private sector when it comes to border security, with a focus on physical detention. Congressional Republicans are also expected to continue to push for incremental funding for Immigration and Customs Enforcement detention centers, they added.
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(END) Dow Jones Newswires
November 06, 2024 14:46 ET (19:46 GMT)
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