You are here

Private prison stocks surge after Trump election

Error message

  • Deprecated function: implode(): Passing glue string after array is deprecated. Swap the parameters in Drupal\gmap\GmapDefaults->__construct() (line 107 of /home/texaspb/texasprisonbidness.org/sites/all/modules/gmap/lib/Drupal/gmap/GmapDefaults.php).
  • Deprecated function: implode(): Passing glue string after array is deprecated. Swap the parameters in drupal_get_feeds() (line 394 of /home/texaspb/texasprisonbidness.org/includes/common.inc).

The stocks of two private detention companies have soared following the election of Donald Trump, reported Bloomberg Markets.

Stocks in CoreCivic (formerly Corrections Corporation of America) rose by as much as 60 percent before leveling off at a 34 percent increase. GEO Group saw an increase of 18 percent in their stock at the time same time. These two companies are seen to benefit from Trump's presidency, as he has vowed to increase the number of deportations, which will lead to the need for more immigrant detention centers. These are often run by private companies such as CoreCivic and GEO Group.

The announcement and following increase of stocks helped turn around some of the losses both companies had experienced following the announcement from the Department of Justice (DOJ)  that they would begin to phase out the use of private prisons. The president-elect is most likely to reverse the policy of the DOJ to no longer use private prisons.

Blogging Categories: