Private Prison Stocks Surge Over Border Czar Pick

Investors Daily reports:

Geo Group and CoreCivic surged again on Monday after a huge rally last week spurred by earnings and elections. CoreCivic stock and Geo stock extended gains after President-elect Donald Trump picked immigration hardliner Tom Homan as his top border official.

In 2016, private prison stocks galloped ahead after Trump’s first presidential election win. Geo Group, which owns, leases and manages correctional facilities, advanced 107% in the three months after the election. Rival CoreCivic rose 149% in the same three-month period.

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“Shares of private prison operators Geo Group and CoreCivic hit their highest levels since 2019. Geo was last up 39% and CoreCivic jumped 32% as Trump’s promised crack down on illegal immigration could boost demand for detention centers.” https://t.co/EwQ83bzOsC

— Jonathan Landay (@JonathanLanday) November 6, 2024