Private prison stocks fall after Elizabeth Warren says they should be banned
CNN Business by Anneken Tappe
New York (CNN Business)Friday was a bad day for private prisons
Democratic presidential candidate Elizabeth Warren is calling for private correctional and detention facilities to be banned. Shares of private prison operators dropped following her remarks.
Private prison operator CoreCivic's (CXW) stock was down 5%. Shares of The GEO Group (GEO), a Florida-based private prison and detention company, fell 5.6%. The broader stock market was flat to slightly higher on Friday.
Warren's campaign said it was unfazed by the stocks' slump.
"They shouldn't have a share price because they shouldn't exist," said Kristen Orthman, spokeswoman and director of communications for the Warren campaign.
A spokesperson for the Geo Group said its facilities are "highly rated by independent accreditation entities."
"Senator Warren's announcement is a continuation of politically-motivated attacks based on false narratives," the spokesperson said, adding the company would welcome lawmakers like Warren to come visit.
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