FooTToo/iStock via Getty Images
GEO Group (NYSE:GEO) +9.1% in Monday’s trading, poised to close at its highest in nearly five years, and CoreCivic (CXW) +7.2% as both prison services companies surge following the assassination attempt on former President Trump.
Analysts at Wedbush Securities said late last week that GEO Group (GEO) and CoreCivic (CXW) would benefit from Republican policies if Trump wins the general election, citing a likelihood of providing more resources for both the public and private sectors regarding border security, with a focus on physical detention.
Republicans in Congress would be expected to continue to push for incremental funding for Immigration and Customs Enforcement detention centers, while Democrats would oppose the use of private detention operators for federal service, Wedbush said, Dow Jones reported.