CoreCivic soars, extending Trump-fueled surge after Q3 beat-and-raise
** Shares of prison operator CoreCivic Inc CXW.N soar early Thurs after qtrly results top consensus and it raises outlook, adding to big pop on Weds
** CXW on Weds surged ~29% to close at $17.58 after Donald Trump, who promised to crack down on illegal immigration, clinched second term in the White House
** Shares on Thurs last up 19.2% at $20.96 to highest since Jun 2019
** Co late Weds reported Q3 rev increased 2% y/y to $491.6 mln and adj EPS of 20 cents vs LSEG estimates of $469.8 mln and 9 cents
** CEO Damon Hininger pointed to improved operating margin through expense management and strong demand for essential services, as occupancy rose to 75.2% from 72% a year ago
** Based on current conditions, it expects annual adj EPS of 69-75 cents, up from 58-66 cents, and now sees adj EBITDA of $317-321 mln vs prior outlook of $302.4-$308.4 mln
** Shares of peer Geo Group GEO.N also rising 10% on Thurs
** Of 4 analyst covering CXW, 1 rates "buy", rest "hold" and median PT is $17 - LSEG
** Including move on the session, shares up ~44% YTD after 26% advance in 2023
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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