Why CoreCivic Stock Tanked as Much as 13% Today
Shares of prison operator CoreCivic(NYSE:CXW) fell as much as 13% on Feb. 26. The primary cause appears to be a business update provided by the real estate investment trust (REIT) after the market closed on Feb. 25. It wasn’t good news, but there are bigger implications to consider here.
The specific news that caused investors to push CoreCivic’s stock lower was that it entered into a 90-day extension with the U.S. Marshals Service for its over 2,000-bed Northeast Ohio Correctional…