Shares of privately-run prison stocks plummeted Thursday following a report that the Justice Department plans to phase out its use of the facilities. Shares of Corrections Corp. of America dropped 40% to $16.51 and shares of GEO Group Inc. plunged 42% to $18.82 after several trading halts. Deputy Attorney General Sally Yates announced in a memo Thursday that officials should decline to renew private prison contracts or reduce their scope, according to The Washington Post.
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