Stocks of private prison companies are soaring the morning after the election of Donald Trump as the next US president.

Corrections Corporations of America was up close to 40% as of 9:49 a.m. ET.

GEO Group, another prison provider, was up around 20%.

President Barack Obama and the Department of Justice announced in August that the federal government would stop using private facilities.

Hillary Clinton, Trump's Democratic opponent, supported those measures as well.

"The for-profit prison industry (CXW, GEO) were likely to face negative headlines and persistent contract uncertainty under a Clinton White House, but we expect a Trump administration to be more supportive given its focus on immigration and crime," Compass Point said in a note.

Source: businessinsider.com

Date Posted: Thursday, November 10th, 2016 , Total Page Views: 1416