I've Seen This Move Before
Corrections Corporation of America (CXW) has had a very nice run over the past year -- since I last wrote about the name this past June, shares have risen 32%. That includes the 12% haircut the stock took in late April after California announced spending cuts that will cut billions from the prison budget, potentially bringing home inmates housed in other states. Part of the fear here is that those inmates will be brought back from Corrections Corp. facilities.
There's always been controversy with this name, at least since I've started covering it, and to this day there are those who believe prisons should never be in the hands of for-profit entities. Yet, Corrections Corp. has been around for nearly 30 years, having opened its first facility, Houston Processing Center, in 1984. The company now operates 67 facilities, 47 which it owns, in 20 states and in Washington, with total capacity of 92,000 beds....320 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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