Corrections Corporation of America (CXW), GEO Group (GEO) Decline; Justice Department to End Use of Private Prisons - Washington Post
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(Updated - August 18, 2016 11:41 AM EDT)
(Updated - August 18, 2016 11:35 AM EDT)
GEO Group (NYSE: GEO) and Corrections Corporation of America (NYSE: CXW) shares were hammered Thursday after the Washington Post reported that the Justice Department plans to end use of private prisons. The decision was announced in a memo.
“They simply do not provide the same level of correctional services, programs, and resources; they do not save substantially on costs; and as noted in a recent report by the Department’s Office of Inspector General, they do not maintain the same level of safety and security," said the Washington Post, citing Sally Yates.
Both stocks were paused intraday following larges spikes lower.
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