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Corrections Corporation of America Message Board

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  • torfa80 torfa80 May 16, 2011 1:46 PM Flag

    Prison stocks getting beat

    They just announced they are putting 100 million into share buyback. Why is that a bad thing? Why would that drop the stock??

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    • Share buyback has nothing to do with this disaster, usually it is a buy signal. Both GEO and CXW started bleeding at exact same time with 20-40X volume so I believe jboneny's comment on debt ceiling may be the crux. GEO only briefly hit its 5% stops so the bleeding was controlled early. Hopefully we just turned around at 2:28. Big money is bailing on small/mid caps. Have another position with an 11% haircut today, totally sick.

 
CXW
39.42-0.21(-0.53%)Apr 24 4:01 PMEDT