Why CoreCivic's Stock Is Trading Lower Today

Corecivic CXW shares are trading lower on Wednesday after the company suspended its quarterly dividend and issued April and May sales guidance.

Corecivic through its subsidiaries operates as a diversified Corrections Corporation of America, or CCA is a real estate investment trust involved in the ownership and operation of private prisons.

CCA mainly controls medium-security correctional and detention facilities located throughout the U.S. The company derives the vast majority of its income in the form of management revenue from medium-term contracts.

Corecivic shares were trading down 13.9% at $10.78 at time of publication on Wednesday. The stock has a 52-week high of $24.38 and a 52-week low of $8.33.

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