For-profit prison stock values have surged in anticipation of President-Elect Donald Trump’s administration increasing detainees with immigrant arrests.
GEO Group and CoreCivic shares saw double digit increases following the election of President-Elect Trump who promised on the campaign trail to conduct “the largest deportation operation in American history.”
GEO Group, which is contracted by U.S. Immigration and Customs Enforcement to supply residential housing and care, jumped 35% to 42.10%.
CoreCivic, a company that owns and operates private prisons, was up 27% to 28.98%.
Private companies provide 90% of beds at ICE processing facilities, with GEO claiming responsibility for nearly half that amount, according to MarketWatch.
A report of CoreCivic’s third-quarter results is expected Thursday.
Originally published by Latin Times.
