U.S. prison investors may be rewarded if they keep their nerve
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Canaccord Genuity Remains Sidelined Following Corrections Corp's (CXW) Announced Restructuring
September 28, 2016 10:25 AM EDTCanaccord Genuity reiterated a Hold rating and $21.00 price target on Corrections Corporation of America (NYSE: CXW) following the company's announced restructuring of the company's corporate operations and implementation of a cost reduction plan. CCA expects that 50-55 FTEs will be eliminated, or 12% of the corporate workforce at headquarters. Management expects to see a $4M charge in 3Q16 as a result of this change. Additionally, CEO Damon Hininger has volunteered to forfeit restricted stock units awarded to him on 2/19/16, and also requested CCA's compensation committee to not award him any... More
