Can someone in the know tell me what happened to this stock today? The only public news is a stock buyback which should be an extremely positive occurrence. What else happened today that hasn't made the news? Please?
California budget has to cut prison spending. That's almost 20% of CXW. CA is going to more fines, probation, early release and pushing inmates onto city jails. None of that helps CXW. Movement toward relaxing drug laws won't help,aging population does not lead to higher prison population. Broke states are slashing spending on prisons and it is cheaper to not put someone in jail at all than to outsource it. Crime rates have fallen for 4 years, prison populations have fallen for two now. CA is what hit today
In technical terms the move yesterday is called the "BS" move. Yank down the pps on good news thus catching people buying in on margin. Hold the pps down until they squeeze out and then run the pps to the moon.