This could also be as simple as one of the hedgies who love to play this and CXW dumping a large volume into the runup of the last week.
CXW isn't dropping like this. There might be some company specific news (death, director leaving, etc). This definitely has nothing to do with CNBCs hit piece on private prisons this am.
The company was downright giddy about beating guidance then went through 4 pages of "decreases" which by the end of the report made this company look downright dismal. Smart cards tanking but the cloud business, which also saw declining revenues and increasing expenses for same quarter over quarter is supposed to take this company to a new vista of profitability. Read the PR release - it's the best piece of comedy I've read in a while.
Sentiment: Strong Sell
ps when I said "in the day" I meant MONDAY not today (really just clarifying to avoid the evil flamers of the cyber underworld).
Don't feel badly. I was trading it for a point earlier in the day, got out at 89.78, then headed out for lunch just to get a text around 135p that UTX had popped to 94. OK, I know, a bird in the hand and all that, but another 4 points would have made for a really nice trading day a/o/t an average trading day. GREEDY MUCH.... I guess that I am!!! ;-) ;-)
Unless you shorted into the close, you probably will miss the trade as this will probably dump quickly in the pre-market given that both companies clearly said this wasn't going to happen.
On the other hand, if you are listening to the questions, UTX has moved over 2k jobs to Mexico which should continue to bolster its bottom line. Yes, the stock price will fall with the bear and you'll get killed if you bought at the top; but if you buy in the coming months, you'll make money a year after this election cycle. Just know, this bear will get worse this year - there's too much street sentiment in that direction. HOwever, this is not the Alex Jones/Clyde Lewis Mad Max scenario - just another Templeton moment for those with dry powder and a good eye for bargains.
I will start nibbling in the 70's and if all heck happens, this goes to the 40's (a total bargain).