Why CoreCivic Shares Are Moving Lower Tuesday
Portfolio Pulse from Dylan Berman
CoreCivic, Inc. (NYSE:CXW) shares are down 20.7% after the company announced that the U.S. Immigration and Customs Enforcement Agency (ICE) will terminate its services at the South Texas Family Residential Center, effective around August 9. This termination is expected to decrease CoreCivic's fiscal year EPS by 38 to 41 cents, leading the company to halt its financial guidance for fiscal year 2024.
June 11, 2024 | 6:14 pm
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CoreCivic shares are down 20.7% after ICE announced the termination of services at the South Texas Family Residential Center. This is expected to decrease the company's fiscal year EPS by 38 to 41 cents, leading to a halt in financial guidance for fiscal year 2024.
The termination of services by ICE at a major facility will significantly impact CoreCivic's revenue and earnings, leading to a substantial drop in share price. The company's decision to halt financial guidance for fiscal year 2024 further adds to investor uncertainty.
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