Private prison stocks rose on Monday after President-elect Donald Trump selected immigration hard-liner Tom Homan as his “border czar.”The Geo Group jumped more than 4% and and CoreCivic nearly 8% in premarket trading.
Homan served as the head of Immigration and Customs Enforcement during Trump’s first term.
Homan told a conservative conference in July that he “will run the biggest deportation operation this country has ever seen” when Trump returns to office.
The second Trump administration would allow for contracting with the U.S. Marshalls Services and the Federal Bureau of Prisons, Boltansky said.
“More importantly they would take a far more aggressive stance on border enforcement, which would impact the ICE business lines at these firms,” the analyst told clients.
Persons:
Donald Trump, Tom Homan, Homan, Trump, ” Homan, ” Isaac Boltansky, Boltansky, “
Organizations:
Geo Group, Immigration, “, Trump, White, U.S . Marshalls Services, Federal Bureau of Prisons