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Corrections Corporation of America Message Board

  • JMH58 JMH58 Apr 1, 2004 10:31 AM Flag

    Good buy at these levels???

    I am interested in this stock. To my novice eye checking out technical indicators, it seems that it is poised for a runup from here ($35.8). Not bad value at $21.5 book/shr plus $2.4 cash on top, for only $35-6.

    But it has run up the past number of days. To you experienced traders, is this a good entry point, or are we going to see a pullback soon? Id think its time for a bullish runup, but Im not very experienced.

    Also, can someone eplain to me why the price was in the $100-200 range, then crashed terribly and we got a reverse split? Was it just the combo of bad market and too many shares out there, or what?



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    • To be brief CXW started out as CCA and did exceedingly well, and reached 100. Original management retired. The new guy converted it to a REIT (PZN) and ran the company into the ground. Finally the bank took over. Because the stock was under $1.00 we had 30 days to get it over $1.00 or it would go off the Board. Ergo a 10-1 reverse split. The bank appointed people are doing a wonderful job with a great business........if you believe in crime.

    • We were at these levels roughly not long ago and pulled back. Now it seems to be on the move again, up. Regarding your other question, the answer would take forever. You can read back on board a few months (not too many posts) for partial answer but this is a new company with new leadership and it's time to forget about what happened long ago, or try to.

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