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California to overhaul prison system with spending cuts, LA Times reports

California officials announced Monday an overhaul of California prisons that would cut spending by billions of dollars, cancel some construction projects, close one lockup and bring back 9,500 inmates housed in other states, the Los Angeles Times reports. Shares of prison operators Corrections Corp. (CXW) and Geo Group (GEO) are down in pre-market trading following California's plans to cut spending.