Why CoreCivic Shares Are Moving Lower Tuesday

CoreCivic, Inc. CXW stock is moving lower Tuesday after the company announced that it received a termination notice from the U.S. Immigration and Customs Enforcement Agency (ICE).

What To Know: The company received notice from ICE that it will terminate CoreCivic’s services at the South Texas Family Residential Center effective around August 9.

The South Texas Family Residential Center currently focuses on the detention of single adults with a population of about 1,561. CoreCivic is halting its financial guidance for fiscal year 2024. The company anticipates impact resulting in a decrease of fiscal year EPS by around 38 to 41 cents.

How To Buy CoreCivic Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in CoreCivic CXW's case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

Related Link: Why San Francisco Has Only Granted 16 New Home Permits This Year

CXW Price Action: CoreCivic shares are currently down 20.7% at $11.73 per data from Benzinga Pro.

Image: Share market Photo by AshDesign on Shutterstock