Private prison stocks Geo Group and CoreCivic rose Monday after President-elect Donald Trump chose Tom Homan as his"border czar."
Homan told a conservative conference in July that he"will run the biggest deportation force this country has ever seen" when Trump returns to office.jumped more than 4% and nearly 8%, respectively, in premarket trading. Homan served as the head of Immigration and Customs Enforcement during Trump's first term.
Trump said Sunday on Truth Social that Homan"will be in charge of all Deportation of Illegal Aliens back to their Country of Origin." Homan will be responsible for the southern border, the northern border as well as all maritime and aviation security, Trump said."With Trump returning to the White House, there will be a far firmer embrace of Geo Group and CXW," Isaac Boltansky, an analyst at BTIG, told clients in a Nov. 6 note.
"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. Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weeklyWall Street growing worried the market's Trump rally is getting ahead of itself