7.93%XLF 17.32 7.77%QQQQ 33.21 8.21%
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NEW YORK - Shares of for-profit prison operators are rising after analysts reacted positively to meetings with Geo Group management.
Banc of America analyst T.C. Robillard said Geo Group Inc. expects to win contracts for more than 10,000 new beds in 2008, and said that tighter state budgets won't hurt prison operators. He wrote that the company is benefiting from strong demand and he believes it will reach his profit forecasts.
Avondale Partners analyst Kevin Campbell said the Boca Raton, Fla., company has several opportunities to surpass his expectations this year.
The broader markets climbed Monday, with the Dow Jones industrial average rising more than 200 points.
Geo Group shares rose $1.42, or 5.3 percent, to $28.25 in afternoon trading.
Shares of Houston-based Cornell Cos. Inc. added 69 cents, or 3.3 percent, to $21.63.
Nashville, Tenn.-based Corrections Corp. of America gained 39 cents to $27.63.
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