Why Private Prison Stocks Were Down Sharply Today

It was a bizarre day on the market as stocks broadly ripped higher even as the result that many had feared, an uncertain outcome in the presidential election, was the reality. Still, investors seemed to breathe a sigh of relief that there have been no major hitches in the process thus far.

However, there was one sign that the market is pricing in a Joe Biden victory. Shares of GEO Group (NYSE: GEO) and CoreCivic (NYSE: CXW), two real estate investment trust (REIT) operators of private detention centers, were down sharply. As of 11:55 a.m. EST, GEO Group shares had given up 12.6% and CoreCivic was down 16.8%.

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Source Fool.com