Prison Stocks Tumble With ICE Backlash Stoking Business Angst
Immigration and Customs Enforcement agents near Delaney Hall, run by Geo Group Inc., in Newark, New Jersey.
Photographer: Timothy A. Clary/AFP/Getty ImagesWall Street investors who drove a massive surge in the shares of the two biggest private prison operators when President Donald Trump won the US election are seeing the trade fizzle out barely a year into his second term.
Shares of Geo Group Inc. and CoreCivic Inc. have tumbled from their records, and both are on track to record the worst weekly drop since at least November, as the Department of Homeland Security has fallen short of its goals when it comes to detaining immigrants despite high-profile enforcement actions.