0.9 C
Ottawa
Tuesday, November 26, 2024

Private prison stocks jump on Trump appointment of immigration hard-liner Tom Homan

Date:

A guard escorts an immigrant detainee from his ‘segregation cell’ back into the general population at the Adelanto Detention Facility, managed by GEO Group.

Thank you for reading this post, don't forget to subscribe!

Getty Images

Private prison stocks rose Monday after President-elect Donald Trump selected immigration hardliner Tom Homan as his “border czar.”

The Geo Group and CoreCivic jumped more than 4% and more than 6%, respectively. Homan served as the head of Immigration and Customs Enforcement during Trump’s first term.

Stock Chart IconStock chart icon

hide content

CoreCivic, 5 days

Trump said Sunday on Truth Social that Homan “will be in charge of all Deportation of Illegal Aliens back to their Country of Origin.” Homan will be responsible for the southern border, the northern border as well as all maritime and aviation security, Trump said.

Homan told a conservative conference in July that he “will run the biggest deportation operation this country has ever seen” when Trump returns to office.

Stock Chart IconStock chart icon

hide content

Geo Group, 5 days

“With Trump returning to the White House, there will be a far firmer embrace of Geo Group and CXW,” Isaac Boltansky, an analyst at BTIG, told clients in a Nov. 6 note. The second Trump administration would allow for contracting with the U.S. Marshals Services and the Federal Bureau of Prisons, Boltansky said.

“More importantly they would take a far more aggressive stance on border enforcement, which would impact the ICE business lines at these firms,” the analyst told clients.

Correction: This story has been updated to correct the name of the U.S. Marshals Service.

Don’t miss these insights from CNBC PRO

know more

Popular

More like this
Related

Alisson and Ramsdale heroics still cannot match the Manchester United magic of De Gea

David de Gea really was phenomenal at Manchester United for a time. Aaron Ramsdale and Jordan Pickford have pulled off some belting saves before too. Aaron Ramsdale v Liverpool One of those I-can’t-believe-it saves where Darwin Nunez heads the ball from the six-yard box, wide of the keeper towards Ibrahima Konate to tap in, but

In the market for the bat-ridden ruins of a former Newfoundland amusement park? Check out the price

NLThe Newfoundland and Labrador government is once again looking...

This Saskatoon pharmacist makes $100 luxury chocolate bars in her garage

SaskatoonVenessa Liang, aka FoodiePharmBabe, makes luxury chocolate bars and...

Canada’s post-secondary industry predicts a storm ahead, as budget cuts shrink courses, staff

CanadaCuts to staff, classes, programs and student services: Canada's post-secondary...