Shares of private-prison providers are getting whacked in trading on Thursday following news that the Department of Justice plans to end its use of private prisons.
Geo Group, a provider of corrections facilities, fell by as much as 30%. It was halted for volatility amid the decline.
Corrections Corp. of America fell 19%.
Deputy Attorney General Sally Yates instructed officials in a memo to withdraw or renew contracts for private prison operators, with the goal to scrap their use completely, according to the Washington Post.
More to come …