$CXW, CoreCivic, experiences a 17.3% pre-market share drop as the federal government terminates a detention facility contract. ICE closes a facility to reallocate resources, affecting $GEO. Target Hospitality shares plummet 35% as the Biden administration plans to close an ICE facility in Texas due to high costs. ICE's decision to close the $CXW facility benefits $GEO due to improved budget allocation.
ICE closed the $CXW facility bc per diem costs were 3-4x market as the facility was built in haste (an emergency) under the Obama admin and ICE entered into a terrible contract (for them). ICE now has more budget. This is a good thing for $GEO. https://t.co/87rJabepW1
Target Hospitality Shares Crater 35% On News Biden Admin Will Shutter ICE Facility In Dilley, Texas https://t.co/DPVVyjVeZH
CoreCivic Lost a Contract and an Upbeat Call. Another Stock Is Down Even More. https://t.co/L6q0yX2RBm
ICE is closing down a $CXW facility to reallocate and expand resources to other facilities, and $GEO is down on that? Silly. At worst neutral for $GEO, At best $GEO picks up share.
$CXW (-17.3% pre) CoreCivic shares fall as feds terminate detention-facility contract - MW https://t.co/9hsjUA8qWG