Posted at 1:28 p.m., Tuesday, August 7, 2007
Corrections Corp. shares tumble on profit projections
Advertiser Staff and News Services
Shares of Corrections Corp. of America, a private prison operator that houses Hawai'i inmates at its Mainland facilities, tumbled today after it forecast profit that was below analysts' estimates, Bloomberg News reported.The shares fell $3.72, or 12 percent, to $26.06. Corrections Corp. forecast third-quarter profit that was 1 cent below the average estimate of analysts.
Bloomberg noted the company said higher costs related to moving inmates from Hawai'i and California to prisons in Arizona and Mississippi may reduce second-half profit.
