Prison Stock Tumbles After Losing Contract. A Supplier Has Dropped Even More.

Shares of CoreCivic tumbled after the prison operator said it received a termination notification for one of its centers that will hurt its earnings. CoreCivic stock fell 20% to $11.84 in morning trading, while shares of Target Hospitality which provides facility and hospitality solutions to the company, tumbled 37% to $6.66. CoreCivic received notification from U.S. Immigration and Customs Enforcement, or ICE, that the agency plans to terminate an agreement between itself and the company for services at the South Texas Family Residential Center in Dilley, Texas, effective in 60 days, or around Aug. 9, according to a press release Monday.