The Morning Badger (2/24/17): A Banner Day for Private Prison Stocks

private prison

Here’s everything you should know to start your day:

Private Prison Stocks Had a Really Good Day

Last year, the Obama administration set policies in place that curbed the use of private and for-profit prisons for federal incarceration and prevented said prisons from growing in numbers. Yesterday, however, Attorney General Jeff Sessions reversed this policy, giving private prisons the ability to build more prisons in the future. Despite “private” being in their name, there are some publicly traded private prison stocks, including The Geo Group ($GEO) and CoreCivic ($CXW). Both of these stocks increased upon release of this news.

Google vs. Uber

Alphabet, Google’s parent company, owns Waymo, the self-driving car company. Waymo is currently suing Uber for stolen trade secrets, claiming their self-driving car technology is now illegally being used by Uber. A former Google project leader allegedly stole existing intellectual property from the company before he exited. Now, he runs Uber’s self-driving car division. The company is also claiming that several other employees who jumped ship from Waymo to Uber did the same thing, downloading files from Google like supplier lists and technical details. We’ll have to wait to see how this plays out in court.

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