Private prison stocks plunge as Biden edges closer to the US presidency

Companies linked to private prisons plunged in the US stock market yesterday, as the still unfinished election tally signaled a path for Democratic candidate Joe Biden to win the White House.

CoreCivic, a real estate investment trust (REIT) that used to be known as Corrections Corporation of America, dropped 14% yesterday, its biggest decline since June. It’s the country’s largest owner of facilities for corrections, detentions, and re-entry programs. GEO Group, another REIT, dropped 11%, the biggest decline since March. It specializes in correctional facilities and has operations in the...