Environment

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

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

Private prison stocks rose on 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 nearly 8%, respectively, in premarket trading. 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. Marshalls 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.

Articles You May Like

Israel tells citizens not to attend sports events abroad after Amsterdam violence
Leap in unemployment rate raises question of Labour own goal
SoftBank-backed fintech Zopa aims to double profit this year as it eyes 2025 current account launch
Six-month life expectancy and self-administration of drugs among assisted dying proposals
Black Holes Explosions Driven by Hawking Radiation May Unveil New Physics