Stock Alert: CoreCivic Tanks 17% As Quarterly Dividend Suspended

(RTTNews) - Shares of CoreCivic, Inc. (CXW) tanked 17% on Wednesday's morning trading after the company announced its decision to suspend quarterly dividend.

CXW is currently trading at $10.37, down $2.15 or 17.17%, on the NYSE.

CoreCivic announced that its Board of Directors has decided to suspend the company's quarterly dividend while it assesses how best to use its substantial free cash flow.

CEO Damon Hininger said, "We believe alternatives to our current corporate structure and capital allocation strategy may better serve the interests of the Company, our shareholders, our employees, individuals in our care within our facilities, and the communities we care so deeply about.